Bloomberg News

U.S. Stocks Extend Gains as Consumer Confidence Tops Estimates

November 29, 2011

Nov. 29 (Bloomberg) -- U.S. stocks extended gains after a gauge of American consumer confidence rose the most since 2003, bolstering optimism in the world’s largest economy.

The Standard & Poor’s 500 Index increased 0.6 percent to 1,200.03 at 10:01 a.m. in New York.

The Conference Board’s index of consumer sentiment increased to 56 from a revised 40.9 reading in October, the biggest monthly gain since April 2003, figures from the New York-based private research group showed today. The gauge, at a four-month high, exceeded the most-optimistic forecast in a Bloomberg News survey of economists.

The S&P 500 climbed 2.9 percent yesterday, its biggest gain in a month, after Thanksgiving-weekend retail sales climbed to a record and speculation grew that European leaders will do more to tame the debt crisis.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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