A report from the University of Michigan revealed on Friday the preliminary reading for the Reuters/Michigan index of consumer sentiment rose to 73.7 in early May.

Economists had expected the index would decrease to 68.0 this month from April's final reading of 71.8.

According to the report, the index of current U.S. economic conditions increased to 83.0 in May from 74.3 in the previous month. Meanwhile, the index of consumer expectations fell to 67.7.0 this month from 70.1 in April.

The report noted that confidence inched upward in early May as the CARES relief checks improved consumers' finances and widespread price discounting boosted their buying attitudes. However, personal financial prospects for the year ahead continued to weaken, falling to the lowest level in almost six years, with declines especially sharp among upper-income households.