US: IBD/TIPP Economic Optimism Index drops to 47.8 in April from 53.9

• IBD/TIPP Economic Optimism Index fell sharply in April. 
• Major equity indexes in the US stay in positive territory.

The IBD/TIPP Economic Optimism Index in the US declined by 6.2 points in April to 47.8 from 53.9 in March.

"The six-month economic outlook index, which went from strongly optimistic to modestly pessimistic at the start of March, turned downright gloomy," the Investor's Business Daily (IBD) said in its press release. "The economic outlook gauge tumbled 9.8 points to 38, the lowest level since October 2011. The outlook index for personal finances sank 11 points to 50.2, remaining barely optimistic. Still, any optimism at this moment is notable."

Market reaction

Although Wall Street's main indexes retreated slightly from earlier highs, they remain in the positive territory. As of writing, the Dow Jones Industrial Average and the S&P 500 were up 1.8% and 1.35%, respectively, while the Nasdaq Composite was adding 0.4%.