U.S. consumer sentiment rose slightly more than expected in April, a according to the University of Michigan’s preliminary monthly reading on the overall index. The Thomas Reuters/University of Michigan consumer sentiment index came in at 95.9, up from the final March read of 93.0.
Economists polled by Reuters had forecast a reading of 94.0.
The survey’s subindex on business conditions rose to 108.2 from 105.0 in March, and consumer expectations rose to 88.0 from 85.3. The forecast of economists polled by Reuters was for a reading of 105.2 for the conditions index and 87.0 for expectations.
Still, the Dow shedding more than 250 points in midday trade on news from China indicating regulators will now reportedly allow fund managers to lend stocks for short selling. There is also concern about more regulatory clampdowns possible in China.
Meanwhile, U.S. Consumer prices are seeing a modest pick-up. Excluding food and energy, the Labor Department said the Consumer Price Index (CPI) rose 1.8 percent in March, according to the Labor Department. Overall prices for the month were little changed at -0.1%.