Consumers Fuel S&P

The stock market cheered the American consumer Thursday.

In all their debt-laden, energy-guzzling glory, consumers were the only thing standing between the economy and a negative growth rate in the first quarter. With an eye to Friday's nonfarm payrolls report, investors drove the S&P 500 to another record with the confidence that if Americans have jobs, they'll keep emptying their wallets.

Although first-quarter GDP was revised down to a 0.6% pace, the markets barely blinked because the U.S. consumer put forth the strongest showing since the first quarter of 2004. The government revised personal spending up to 4.4%, from an initial estimate of 3.8%. Consumption added 3% to GDP in the quarter. ...