"The strong consumer confidence report will likely suggest expectations are not for the labour market to deteriorate quickly, which should confirm expectations that a recession will not happen this year, but most likely next," Bloomberg quoted Oanda senior market analyst Edward Moya as saying.

 

The S&P 500 rose by nearly 1.2%, while the technology-driven NASDAQ jumped by 1.7% as investors piled back into artificial intelligence stocks.

 

Gold fell below $1930 an ounce, where it had been sitting for several sessions, to a last price of $1923.80/oz, the lowest price since March.

 

Base metals had a better day with aluminium, zinc, nickel and tin all gaining more than 2%.