Tuesday, April 27, 2010
NEW YORK (AP) — Americans' confidence in the economy rose in April to its highest level since September 2008, just as the financial crisis escalated, according to a private research group.
The upbeat reading, combined with bullish earnings reports this week from companies ranging from Whirlpool Corp. to UPS Inc., offers more hope the economic rebound is gathering steam.
Meanwhile, a key home-price index reported its first annual increase in more than three years, though it's too early to say the housing market is recovering.
Fresh worries, however, came from Europe. The Dow Jones industrial average fell 161.27 points, or 1.4 percent, to 11,043.76 after Standard & Poor's slashed Portugal's and Greece's debt ratings.
The Conference Board, a private research group based in New York, said today that its Consumer Confidence index increased to 57.9, up from a revised 52.3 in March. The April reading is the highest since September 2008's 61.4.