Recovery Watch: Consumer Sentiment Pops
WASHINGTON (
) -- What is this ... optimism? Yes, after three straight months in which the nattering nabobs of negativity ruled the day, consumer sentiment rose in September.
The Reuters/University of Michigan consumer sentiment survey rose to 70.2 in early September from 65.7 last month -- the first gain in the last three months. Economists expected the index to reach 68.
The measure of current conditions, a reflection of shoppers' perception of their financial situation, jumped to 71.8 from 66.6. The index of consumer expectations for six months from now increased to 69.2 from 65 in August.
Overall, retail shares were unchanged after the report, with the S&P Retail Index at 373.07.
Within the sector,
Saks
(SKS)
rose 2.5% to $6.68,
American Eagle Outfitters
(AEO) - Get Report
grew 4% to $15.98 and
AnnTaylor Stores
(ANN)
spiked 3% to $15.98 after being upgraded.
Lululemon Athletica
(LULU) - Get Report
also shot up 5% to $22.78, a day after posting
better-than-expected second-quarter earnings
results.
-- Reported by Jeanine Poggi in New York
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