U.S. consumer sentiment came in higher than expected in October, according to a report released on Friday.
The Thomson Reuters/University of Michigan's preliminary October reading on the index was 92.1. That was higher than the previous month's reading of 87.2 and Reuters' estimates for 89.
"The rebound in confidence signifies that consumers have concluded that the fears expressed on Wall Street did not extend to Main Street. Importantly, the renewed confidence did not simply represent a relief rally, but instead reflected renewed optimism," said Surveys of Consumers Chief Economist Richard Curtin in a statement.