Consumer confidence hits 1-year high

WASHINGTON -- U.S. consumer confidence scaled a one-year high in February as optimism about the labor market offset concerns over rising gasoline prices, an independent survey showed Tuesday.

The Conference Board said its index of consumer attitudes increased to 70.8 this month -- the highest reading since February last year -- from an upwardly revised 61.5 in January.

Economists polled by Reuters had forecast the index rising to 63.0 from a previously reported reading of 61.1 in January.

"Consumers are considerably less pessimistic about current business and labor market conditions than they were in January," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement.

"And, despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects and their financial situation," Franco said.

Gasoline prices have risen 12.6 percent or 42 cents since the start of the year and averaged $3.78 a gallon in the week through Monday, according to the Energy Information Agency.

U.S. stocks gained on the data, while the dollar rose against the yen. Treasury debt prices trimmed gains.