Stocks rally after jump in consumer confidence

August 25, 2009 12:00:00 AM PDT
Stocks are rallying after a report that shows consumers are starting to feel a little more confident about the economy. The Conference Board's Consumer Confidence index rose to 54.1 this month from 46.6 in July and far above the 47.5 reading analysts expected.

While the reading is still a long way from showing that consumers are actually feeling optimistic about the economy, the improvement is encouraging. Investors' concerns about flagging consumer confidence have triggered bouts of stock selling in recent weeks.

Stocks were already rising moderately prior to the report, getting a boost from President Barack Obama's reappointment of Ben Bernanke as Federal Reserve chairman and a jump in home prices.

The Dow Jones industrial average is up 92 at 9,601.64. The Standard & Poor's 500 index is up 10 at 1,035, while the Nasdaq composite index is up 14 at 2,032.

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