By  on July 30, 2008

In a sign that it might have reached its bottom, consumer confidence made a slight rebound in July, its first increase of the year after six consecutive months of declines.

According to preliminary estimates released Tuesday, the Conference Board Consumer Confidence Index rose to 51.9, compared with a revised 51 in June. Last month’s Consumer Confidence Index level was the lowest in 16 years, reflecting persistent fears about the weakening economy. Wall Street had expected the index to fall further toward the 50 range in July and its small bounce helped spark a 266-point rally in the stock market.

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