The Conference Board released its consumer confidence index for the U.S. on Tuesday. The index rose to 95.4 in May from 94.3 in April, exceeding expectations for a rise to 95.0. April's figure was revised down from 95.2.

The increase was driven by the better outlook for present conditions. The present conditions index climbed to 108.1 in May from 105.1 in April.

The Conference Board's consumer expectations index for the next six months decreased to 86.9 in May from 87.1 in April.

"Consumer confidence improved modestly in May, after declining sharply in April. While current conditions in the second quarter appear to be improving, consumers still remain cautious about the short-term outlook" the director of economic indicators at The Conference Board, Lynn Franco, said.

The percentage of consumers expecting more jobs in the coming months was up to 14.6% in May from 13.8% in April.