Consumer Spending On Ice: S&P 500 Uptrend Still Intact for Spring

Americans socked away a surprisingly large chunk of change in February as they reined in spending and hoarded savings from lower gasoline prices, putting a crimp in the economy. And they felt good about it. "The consumer is confident according to surveys," says JJ Kinahan, chief strategist at TD Ameritrade. "But there is a disconnect between confidence and spending. The confidence is not being played out in the durable goods and retail sales numbers." Consumers followed the severe weather patterns and put their spending, which drives roughly two-thirds of total U.S. growth, on ice in February. U.S. personal spending inched up a paltry 0.1%, following January's 0.2% pullback. At the same time, Americans boosted their savings rates to 5.8% in February, the highest level since the end of 2012, according to the Commerce Department report.