The Conference Board released its U.S. consumer confidence index today. The U.S. consumer confidence index jumped to 94.5 in October from 89.0 in September; exceeding expectations for an increase to 87.4. That was the highest level since October 2007.

Job gains and falling gasoline prices helped to increase consumers' purchasing power.

The Director of Economic Indicators at the Conference Board Lynn Franco said that "current job market and business conditions contributed to the improvement in consumers' view of the present situation"