![](\"https:\/\/247wallst.com\/wp-content\/uploads\/2023\/08\/GasBuddy-8-2023.gif?w=645\")
Source: GasBuddy.com<\/span><\/p>\nThat is not especially good news because prices were on their way to a low last year of $3.05 a gallon at the end of December. This year, gas prices have risen by $0.76 per gallon, even though they have moderated slightly in the past month. When American consumers have to spend more at the pump, they typically spend less on other things. This does not make consumers happy.<\/p>\n
High mortgage rates are another barometer of consumer sentiment. After years of mortgage rates at 4% or less, a jump to more than 7% prices some potential buyers out of the market.<\/p>\n
Automobile prices continue to rise as well. The average price of a new vehicle in June was $48,808, up $800 over the March price. Consumers, however, are buying. Cox Automotive estimated earlier in August that new vehicle sales for the month would be 19% higher year over year, and up 3% compared to July sales. And one of the drivers of increased sales has been rising inventories of new cars feeding consumers\u2019 pent-up demand due to previously limited inventory.<\/p>\n
In the first three days of trading this week, the Dow was up about 1.6%, the S&P 500 was up about 2.5% and the Nasdaq Composite was up about 3.5%.<\/p>\n
At Thursday\u2019s opening bell, the Dow traded up about 0.5%, while the S&P 500 and the Nasdaq Composite were both up about 0.2%.<\/p>\n
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