Story development. Stay tuned for updates here.
Numbers: Consumer sentiment rose in early February to its highest level in 31 months amid new optimism about the economy.
The University of Michigan said Friday that the first of two readings this month of its sentiment survey rose to 79.6 from 79.0 in January. This is the highest reading since July 2021.
Americans feel more confident that inflation will continue to slow and that the labor market will remain strong. The rise in the stock market also boosted confidence.
The consumer survey reveals how Americans feel about their finances, as well as the broader economy.
However, sentiment remains well below pre-pandemic levels of around 100.
Market reaction: Dow Jones Industrial Average DJIA,
and Standard & Poor's 500 SPX,
The interest rate fell in Friday trading after a disappointing reading of inflation in the product price index.
