A report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of May.
The Conference Board said its consumer confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April.
The sharp increase by the headline index came as the expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, soared to 72.8 in May from 55.4 in April.
The present situation index, which is based on consumers' assessment of current business and labor market conditions, also jumped to 135.9 in May from 131.1 in April.