SCOREBOARD: Good data vibrations

Wall Street fell after downbeat Fed comments, despite a deluge of strong US consumer and manufacturing data.

US stocks pushed higher initially and for good cause. There was some very positive data out, and while none of it was tier one, it stands in stark contrast to the incessant pessimism on the US economy. So consumer confidence spiked in September, the index rising to 70 from 61, still well below average (90), but the highest since February and a far cry from the recessionary trough of 25. Below average confidence isn’t affecting spending though, according to the latest US stats on consumer spending. The Labour Department stated that US consumer spending increased over 3 per cent in 2011 which is the fastest pace since 2006. Stall speed growth.


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