U.S. Stocks Extend Gains As Consumer Confidence Tops Estimates

U.S. stocks extended gains after a report showed confidence among consumers climbed in May to the highest level in more than five years as views on the economy and labor market improved.

The Standard & Poor’s 500 Index rallied 1.4 percent to 1,671.96 at 10:01 a.m. in New York.

The Conference Board’s index rose to 76.2, the strongest since February 2008 and exceeding the highest estimate in a Bloomberg survey of economists, from a revised 69 in April, data from the New York-based private research group showed today. The median forecast called for an increase to 71.2.

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