Live

Watch CBSN Live

Rebounding stocks help lift U.S. consumer confidence

WASHINGTON-- A private survey says U.S. consumers are feeling more confident in March, with a rebounding stock market brightening their outlook.

The Conference Board says its consumer confidence index has rebounded to 96.2 after tumbling to a revised 94 in February.

Consumers' assessment of current economic conditions has fallen slightly. But their outlook for the future has improved modestly.

The U.S. stock market got off to a dismal start in 2016, driven by fears of economic weakness overseas and plunging oil prices. The Dow Jones industrial average had plummeted more than 10 percent this year through mid-February. It has since recovered most of those losses.

"As for what this number means for the market, little as its rarely market moving as it never is a good tip off to future economic activity," Peter Boockvar, chief market analyst at the Lindsey Group.

Tuesday's report comes a day after the Commerce Department reported consumer spending edged up 0.1 percent in February, matching similar lackluster gains the prior two months.

View CBS News In
CBS News App Open
Chrome browser logo Chrome Safari browser logo Safari Continue