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22:45 GMT
NEW YORK, March 28 (KUNA) -- Major US stocks was able to snap out of its 8-day losses, as new report of consumer confidence surged.
Dow Jones Industrial Average (DJIA) opened at 20,542.14, and jumped more than 150 points recovering from an eight-day losses to settle at 20,702.22
According to New York Stock Exchange (NYSE), the Standard and Poor's (S&P 500) opened at 2.339.79. and rose 16.98 points (or 0.73 percent) closing at 2,358.67.
The Nasdaq Composite Index has also gained more than 34.70 points (0.60 percent) closing at 5,875.78. It closed the previous day at 5,840.37.
Confidence came according to the monthly Consumer Confidence Survey, released by The Conference Board. In a press release, the Conference Board-a leading global provider of information and analytics around what consumers buy and watch- said that consumer confidence index increased sharply in March.
"Consumer confidence increased sharply in March to its highest level since December 2000 (Index, 128.6)," said Director of Economic Indicators at The Conference Board Lynn Franco.
"Consumers' assessment of current business and labor market conditions improved considerably, he added.
The report also noted consumers were also significantly more optimistic about the short-term outlook. "The percentage of consumers expecting business conditions to improve over the next six months increased from 23.9 percent to 27.1 percent, while those expecting business conditions to worsen declined from 10.5 percent to 8.4 percent," it added.
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