Rise in Consumer Confidence Boosts Stocks

NEW YORK (AP) – Investors are setting aside some of their worries about the economy as a closely watched measure of consumer confidence soars in April.

Stocks had been lower on worries about fallout from the swine flu and banks that may need to raise capital following government “stress tests.”

But a midmorning report showing a surge in consumer confidence tempered those concerns. The Conference Board’s Consumer Confidence Index far surpassed economists’ forecasts, an early sign that spending could pick up in coming months.

At midday, the Dow Jones industrial average is down 7 at 8,018. It had been down as much as 86 ahead of the report.

The Standard & Poor’s 500 index is down 1 at 856. The Nasdaq composite index is up 3 at 1,683.