30 May 2003 Is the Market Right?

The S&P has risen five of the past six days or 3.3%, as investors demonstrate more optimism about this country’s economy.  Investor optimism continued to be fueled this week with several positive economic reports.  The first came on Tuesday as the Conference Board reported that consumer confidence in theU.S.rose in May to its highest level in six months.  The confidence index rose to 83.8 in May from 81 in April, the second consecutive monthly increase as energy prices fell and the stock market rose.  An index in the report that measures consumers' attitudes about conditions six months from now rose from 84.8 to 94.4, the highest level since September of last year.