U.S. consumer confidence hits pre-pandemic high

The mood of the American consumer is now the brightest it's been since the health crisis struck more than a year ago.

Consumer confidence as measured by the Conference Board jumped in June to highs not seen since February 2020.

The data released Tuesday bolsters expectations that the economy grew swiftly during the second quarter as parts of the economy reopened and vaccinated Americans were happy to go out and spend.

Consumer spending is responsible for roughly two-thirds of all economic activity.

Capri Holdings, parent company of the Michael Kors brand, gave another positive snapshot into the mind of the consumer on Tuesday.

The upscale brand company with names like Kors, Versace and Jimmy Choo under its umbrella boosted its annual forecasts.

It is betting that consumers will want to upgrade to its luxury products after spending more than a year mostly in jeans and workout gear.

Consumers are already splurging on high-end handbags and shoes, the company said.

Like many retailers, Michael Kors and its sister brands, have beefed up their online presence to meet a surge in online shopping.