S&P 500 rides tech rally higher as consumer strength soothes recession fears By Investing.com

*S&P 500 ENDS HIGHER AS UPBEAT EARNINGS, STRONG CONSUMER CONFIDENCE DATA HELP EASE RECESSION FEARS 🇺🇸🇺🇸

Beaten-down tech stocks were snapped up as the climb in Treasury yields cooled data showed that consumer confidence rose more than expected.jumped to 108.3 from 101.4, beating economists’ forecast for a reading of 101.0.

Data showing a strong consumer sentiment, a key indicator of consumer spending, which drives the bulk of economic growth, eased fears about a recession. “Consumer expectations for any potential deterioration in the labor market, more modest expectations for wage gains, and concern about a recession have seemingly retreated,” Jefferies said in a note.

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