The Conference Board released its consumer confidence index for the U.S. on Tuesday. The index rose to 102.9 in January from 93.1 in December, exceeding expectations for a rise to 94.4. December's figure was revised up from 92.6.

That was the highest level since August 2007.

The director of economic indicators at The Conference Board Lynn Franco said that consumer confidence was driven by positive current business and labour market conditions.