Consumer Confidence Falls in February

U.S. consumer confidence dropped in February from a two-year high, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for the month fell to a 73.7 reading from 74.4 in January, the survey said.

Economists had forecast the index to rise to a 75 reading, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.