To say that this morning’s Consumer Confidence report was better than expected would be a major understatement. With economists expecting the headline index to fall slightly to 114.0, the actual reading blew the roof off of estimates coming in at 125.6, which was the best reading since December 2000. In terms of how the report came in relative to expectations, today’s report was the fifth biggest beat since at least 1999 and just the seventh time that the actual reading has exceeded expectations by ten or more points.
In today’s Chart of the Day (available to all paid clients), we took a closer look at days where Consumer Confidence exceeded expectations by a large margin to see how the market traded on an intraday basis. Sign up for a free-trial below to check it out!