A report from the University of Michigan revealed the preliminary reading for the Reuters/Michigan index of consumer sentiment rose to 95.5 in early February. Economists had expected the index would increase to 94.5 this month from January’s final reading of 91.2.

The early February gains reflected the end of the partial government shutdown as well as a more fundamental shift in consumer expectations due to the Fed's pause in raising interest rates, the report said.

According to the report, the index of current U.S. economic conditions rose to 110.0 in February from 108.8 in the previous month. Meanwhile, the index of consumer expectations climbed to 86.2 this month from 79.9 in January.