NEW YORK (

TheStreet

) -- Consumer sentiment rose in November, as the economy added more jobs than expected and stocks rallied to new highs.

The Michigan Consumer Sentiment Index rose to 69.3 after dipping to 67.7 in October, the University of Michigan said in its preliminary estimate. Consensus estimates were for the index to rise to 69, according to

Briefing.com

.

Improving consumer confidence is key for retailers such as

Wal-Mart

(WMT) - Get Report

,

Target

(TGT) - Get Report

and

Macy's

(M) - Get Report

as they prepare for the holiday season and

Black Friday.

-- Written by Shanthi Venkataraman in New York

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Shanthi Venkataraman

.

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