Consumer confidence hits 3-year high this month

The Consumer Confidence Index rose in February to its highest point in three years as consumers are feeling more positive about their income prospects and the direction the economy is headed.

The Conference Board says its Consumer Confidence Index climbed to 70.4 this month, up from a revised 64.8 in January, hitting its highest level since February 2008. It was the index's fifth consecutive monthly increase and topped expectations of a reading of 65.0 among economists, according to FactSet.

The reading is better than economists had expected but still below the 90-plus readings that signal a stable economy.

Consumers' assessment of current business conditions improved only moderately in February. Their feelings about near-term job prospects were mixed.