Dow at 10,018, up 9 points this morning.
NEW YORK (AP) — A surprise jump in consumer confidence gave
stocks a modest lift, but gains were kept in check as investors
remain cautious about the strength of the economy.
A report Tuesday showed confidence climbed more than expected in
August. That gave traders a reprieve from a string of reports
throughout the month that indicated economic growth continues to
slow. A report earlier in the day indicated manufacturing activity
slowed in the Midwest in August.
“Market pessimism in the very near-term has hit a nadir,” said John
Brady, a senior vice president at MF Global. The small rise in
confidence took the edge off the downbeat mood, Brady said.
However, he cautioned any gains might be short lived because
traders are hesitant to make big moves before Friday’s key monthly
employment report. The unemployment rate likely inched higher in
August as employers avoid major hiring
