Investing.com - U.S. consumer confidence rose to the highest level since January 2008 in March, boosting optimism over the U.S. economic outlook, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence increased to 82.3 this month from a reading of 78.3 in February, whose figure was revised up from a previously reported 78.1.
Analysts had expected the index to inch up to 78.6 in March.
The Present Situation Index edged down to 80.4 from 81.0, while the Expectations Index increased to 83.5 from 76.5.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Overall, consumers expect the economy to continue improving and believe it may even pick up a little steam in the months ahead.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.42% to trade at 1.3782.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.7%, the S&P 500 index added 0.7%, while the Nasdaq index rallied 1.1%.