By Ruth Mantell
WASHINGTON (MarketWatch) -- The University of Michigan-Thomson Reuters consumer-sentiment gauge rose to a preliminary February reading of 76.3 -- the highest level since November -- from a final January reading of 73.8, reports said Friday. Economists polled by MarketWatch had expected a February reading of 75, due to higher stock prices, though there are also negative factors, such as ongoing fiscal uncertainty, and higher payroll taxes and gas prices. The gauge increased in January after plunging in December, when consumers were worried about the fiscal cliff. The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the most recent recession.
