How US Consumer Confidence Could Affect the S&P 500
US consumer confidence in November
According to a report provided by the US Conference Board, the US Consumer Confidence Index score improved in November 2017, rising to 129.5 in November from 125.9 in October 2017 and beating the market’s expectation of 127.
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The reading was the highest since November 2000. The index is an important indicator of consumer activity in the economy, with higher levels indicating that consumer activity is improving. November’s reading was supported by the approaching holiday season, labor market improvements, and wage growth.
The broader-market S&P 500 (SPX-INDEX) (SPY) rose 3% in November 2017, mainly driven by tax reform progress and improved fundamentals. Tax reform is expected to boost economic activity, and positive US economic indicators are strengthening US markets’ (QQQ) rally. In the next part of this series, we’ll analyze key indicators investors will be watching this week.