Consumer sentiment surges in December, beating estimates

Consumer sentiment unexpectedly soared in December, topping off a week in which continuing jobless claims declined further and the Dow made progress solidifying gains above 10,000. The Reuters/University of Michigan Survey of Consumers said its consumer sentiment index for December (preliminary) surged to 73.4 from 67.4 in November, Reuters reported Friday.

The index totaled 70.6 in October, 74.0 in September. and 67.5 in August. The index hit a cycle low of 55.3 in November 2008, and the index's record low of 51.7 was set in May 1980.

A Bloomberg News surveyed had expected the index to rise to 68.2 in December (preliminary).