NEW YORK--U.S. consumers are perhaps better off that everyone thinks.
Unexpectedly, a key measure of consumer confidence rose this month. During this time, the Americans spending and revenues rose in April, giving stocks their third day consecutive gains Friday. The market still decreased slightly for the week.
The Thomson Reuters/University of Michigan Consumer index is passed to 74.3 in may, over 70 analysts estimates. Concerns about prices of gas and the reversed higher inflation gauge in March and April.
Gasoline prices fell in may after reaching close to $4 last month, giving a lift of the closely supervised extent that one thinks of the economy. That gives rise to the hope that people might be willing to spend more.
"It's what we will do a drop of 25 cents price of gas,"David Ader, strategist, link to the CRT Capital Group, wrote in an e-mail to customers.""
Two personal income and spending rose 0.4 percent in April, in what economists should, according to the Ministry of trade. Still, higher food and gas prices ate most of the gains in income. The Commerce Department report accuses a delay of a month, so the recent decline in the price of gasoline is not reflected in these figures.
The Dow Jones index increased 38.82 points, or 0.3%, to 12,441.58. The standard & poor 500 index increased 5.41 points, or 0.4%, to 1,331.10. The Nasdaq composite increased 13.94 points, or 0.5%, to 2,796.86.
All three major stock indexes a slight drop of the week, the fourth consecutive week of declines. The Dow Jones index lost 0.6 percent and the S & P 500 and Nasdaq each lost by 0.2 percent. The last time that stocks have fallen for four weeks in a row was February 2010. The Dow Jones index is always, 7.5 per cent for the year. The & S P 500 is up by 5.8%, Nasdaq 5.4%.
The week started with a lot of bad news for Europe. An another downgrade rating already fragile credit of Greece, a warning on the debt of the Italy and the defeat of the party in power of the Spain deepened concerns about the financial crisis in Europe. The Dow Jones index fell 131 points Monday after the new.
U.S. stock indexes reached their highest level of the year, run on 29 April, following a strong corporate income. The & S P 500 lost 2.4 per cent since then that the Greece struggles to avoid default and U.S. economic forecasts have been revised lower, in part because of high gasoline prices.
Marvell Technology Group Ltd. increased by 11%. The manufacturer of chipsets for the storage of data and smartphones from Blackberry reported a slight decline in revenues. But, CEO of Marvell forecast sales in the current quarter.
Another manufacturer of chips, Broadcom Corp. has increased by 5%. FBR Capital Markets said that Broadcom should benefit from the strong demand for smartphones. FBR put the company on its list of favorites.
CVS Caremark Corp. increased 2% after the pharmacy benefits company won a contract of three years of the Blue Cross Blue Shield employee federal program.
Nearly three stocks rose for all those who fell at the New York Stock Exchange.
Trade was thin ahead of the feast of the day of remembrance. Volume on the NYSE consolidated was 2.8 billion shares. Markets will be closed Monday.
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