NEW YORK (CNNMoney) -- Consumer confidence surpassed expectations and hit a three-year high in February, in the latest ray of hope for an economic recovery, a business research group said Tuesday.
The Conference Board said its Consumer Confidence Index jumped to 70.4 in February from 64.8 in January. That was far ahead of expectations of a Briefing.com economists' consensus of a 67 reading.
Lynn Franco, director of the board's Consumer Research Center, said the CPI spiked "due to growing optimism about the short-term future."
"Consumers' assessments of current business and labor market conditions has improved moderately, but still remains rather weak," Franco said. "Looking ahead, consumers are more positive about the economy and their income prospects, but feel somewhat mixed about employment conditions."
The CPI's forward-looking Expectations Index also rose, to 95.1 from 87.3 in January. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
