Stocks rise despite low consumer confidence
Tuesday, May 29, 2012 1:57 PM
Stocks rose in trading this morning, despite a poor consumer confidence report, as polls from this weekend show that Greek voters will likely elect a pro-bailout government in a special election on June 17, which could keep the struggling country in the eurozone.
Each of the major indexes rose by at least 1 percent this morning, according to Reuters. Consumer confidence dropped unexpectedly in May, according to a report today, but it had little effect on trading this morning.
Stock prices were also boosted by news from China that the country's biggest banks will invest more in infrastructure to try to stimulate growth, which has slowed recently.
"The consumer confidence index itself doesn't do a whole lot for the market - we are seeing traders lining up possibly anticipating better than expected economic news as it comes out during the week either from Chicago, the ISM data or the employment data," said Fred Dickson, chief market strategist at D.A. Davidson & Co., in an interview with Reuters.
Tomorrow morning, the Bureau of Labor Statistics will release employment and unemployment data for metropolitan areas, and it will release total employment numbers for the month on Friday.