Consumer Confidence Hits Two-Year High

By Melanie Arter | July 7, 2008 | 8:21pm EDT

( - Consumer confidence rose to a two-year high in July, the fourth consecutive monthly gain, the Conference Board reported Tuesday.

New home sales, meanwhile, dipped down 0.8 percent in June after setting a record sales pace in May, according to the Commerce Department.

Because of the June decline, sales of new single-family homes slipped down to an annual rate of 1.33 million units, still the second-highest level on record, following the all-time high sales pace of 1.34 million set in May.

Stocks opened higher Tuesday prompted by strong earnings from Verizon Communications. Investors were emboldened by Verizon's bullish second-quarter earnings and positive outlook.

The market had been in a slump for four weeks over concerns about stalled economic growth and a series of second-half profit warnings.

The Dow Jones Industrial average opened at 9,981.16, up 19.24 points or 0.19 percent. The Standard & Poor's 500 Index was up 1.73 points or 0.16 percent, at 1,085.80. The Nasdaq Composite Index was up 6.23 points or 0.34 percent at 1,845.25.

Send a Letter to the Editor about this article.

CNSNews Reader,

The liberal media are terrified of the truth, especially when it leads to uncomfortable questions about their own leftist worldview.

CNSNews covers the stories that the liberal media are afraid to touch. It drives the national debate through real, honest journalism — not by misrepresenting or ignoring the facts.

CNSNews relies on the support of our loyal readers to keep providing the news and commentary that matter to the American people, not just stories that prop up the liberal agenda.

Make a donation today. Just $15 a month would make a tremendous impact and enable us to keeping shining the light where the liberal media are afraid to tread.

— The CNSNews Team



Sign up for our E-Brief to receive the latest news.