Consumer confidence is as high in Europe as it is in the United States, as you can see in the chart below. It may seem like a good thing that consumer confidence is high. After all, a strong consumer drives the economy of the U.S. and Europe. Rising confidence from a low level indicates consumers are helping to drive improvement in the economy. But, when confidence is already high, it may mean consumer spending has little room to run and could be vulnerable to slowing. A sudden rise in layoffs could undermine the current confidence, now at levels that preceded prior recessions.
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Where is this stock market head in the coming days and weeks? That is the trillion-dollar question some nervous strategists, analysts and traders are wrestling with, following a relatively brisk rally for equities to kick off 2020.