Today's Consumer Confidence report for February came in considerably stronger than expected. While economists were looking for a level of 62.0, the actual reading came in at 69.6. Coincidentally, this was the strongest Consumer Confidence report relative to expectations since last February, when the report came in at a level of 70.8 versus expectations of 63.0.
Below we have included an intraday chart for the S&P 500 on that day. As shown, the index saw a sharp spike higher before a quick pullback. Ultimately, though, the S&P 500 did manage to rally back, but there was little in the way of upside from the initial surge in response to the report.