May 11. 2012 11:00AM - Last modified: May 11. 2012 11:26AM

Stocks rise with consumer confidence

The U.S. stock market recovered some lost ground today with the news that consumer sentiment edged higher in May to the best reading since the start of the Great Recession.

The preliminary reading of the University of Michigan-Thomson Reuters index rose to 77.8 from 76.4 in April. That’s the best reading since January 2008 - just one month after the recession started.
The current economic conditions index jumped to 87.3, its best reading since January 2008, from 82.9 in April.
Gasoline prices have declined 21 cents per gallon from an almost one-year high.
Local stocks in the BizTimes Stock Index were mixed this morning. The largest local gainers were Rockwell Automation Inc. (up $1.04 to $78.22) and Johnson Controls Inc. (up 60 cents to $32.39). The largest local decliners this morning were Harley-Davidson Inc. (up $2.32 to $48.35) and Roundy’s Supermarkets Inc. (down $1.56 to $10.69).