The Conference Board reported on Tuesday that its Consumer Confidence Index registered its highest reading in 18 years, beating a previous high set back in September 2000. The index climbed to 138.4 this month compared to the 134.7 reading in August.

Backed by a strong U.S. equities market that has already seen the major indexes like the S&P 500 reach record highs and companies like Apple and Amazon hitting the $1 trillion market capitalization level, the consumer confidence backs the current sentiment regarding the economy. Furthermore, the gross domestic product grew by 4.2% during the second quarter, which will apparently be revised to 4.3%.

The latest consumer confidence data also corroborates with CNN’s Fear & Greed Index, which is comfortably tilted to the right, indicating that emotions are currently positive with regard to the capital markets.

U.S. Consumer Confidence Reaches 18-Year High 1

“Consumers’ assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth,” said Lynn Franco, director of economic indicators at the Conference Board.

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