Consumer Confidence Data
Consumer confidence in the U.S. rose to a one-year high in February thanks to optimism on the labor market offset soaring oil prices. The consumer confidence index rose to 70.8 this month from a revised reading of 61.5 in January. This is the highest it has been since last February. Economists who were polled by Reuters were estimating a reading of 63.0. “Consumers are considerably less pessimistic about current business and labor market conditions than they were in January,” said Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement. “And, despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation.” The market is trending higher after a choppy morning with the Dow up 11 points, the Nasdaq up 14 points and the S&P 500 up 2 points.
Stocks to Watch
Tibet Pharmaceuticals, Inc. (NASDAQ:TBET) is up 30% this morning at $1.95. TBET is up on heavy volume with 2.3 million shares traded so far today, well above its daily average of 106 thousand shares. Tibet shares are rallying today after the company announces intent to go private. CEO Hong Yu, “I hereby make an offer to purchase TBET stocks not owned by me for $3.00 per share in cash.” The company has a market cap of 30.14 million. [Read more...]