Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the stock market, trading, and Wall Street. Today, we delve into the recent report on consumer confidence and its impact on various financial markets.
The report revealed that confidence among consumers aged 55 and over rose, while it declined for younger consumers. Interestingly, the only income group that reported lower confidence in March was the $50,000 – $99,999 income bracket. The Conference Board highlighted that consumers remain concerned about elevated price levels, particularly food and gas prices.
In response to the CB Consumer Confidence report, the U.S. Dollar Index settled near the 104.15 level. Traders were seen taking profits off the table, causing the U.S. dollar to move away from multi-week highs. Meanwhile, gold is trading near the $2185 level, with traders closely monitoring rising geopolitical tensions alongside the consumer confidence data.
On the stock market front, the SP500 settled near the 5240 level following the release of the weaker-than-expected report. The NASDAQ, known for its tech-heavy composition, continued its push to climb above the key resistance level at 18,400.
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