Reflecting a significant improvement in consumers' short-term outlook, the Conference Board released a report on Tuesday showing that its consumer confidence index increased by much more than economists had been expecting in April.

The report showed that the consumer confidence index jumped to 39.2 in April from an upwardly revised 26.9 in March. Economists had expected the index to increase to 29.7 from the 26.0 originally reported for the previous month.

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