The Michigan consumer sentiment index rose to 69.0 from 68.7, which was just below Wall Street’s consensus of 69.5. This is a surprise. Consumer sentiment should soon falter due to rising unemployment and higher gas prices.
Despite the future for consumer sentiment, there are a number of consumer stocks I like right now including Colgate-Palmolive (CL), McDonald’s (MCD), Best Buy (BBY) and Buckle (BKE). I expect these companies to report strong earnings results for the second quarter.