A report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of October.

The Conference Board said its consumer confidence index surged to 108.7 in October after tumbling to a revised 99.2 in September.

The Conference Board said the present situation index, which is based on consumers' assessment of current business and labor market conditions, spiked to 138.0 in October from 123.8 in September.

The expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, also jumped to 89.1 in October from 82.8 in September, coming in well above the threshold of 80 that usually signals a recession ahead.

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