Dow Recovers Somewhat on Consumer Sentiment Data (Updated)

The University of Michigan/Reuters Consumer Sentiment Survey for May rose from April by slightly less than expected, but enough to curtail the steep drop in the Dow this morning.

Dow Industrials are now down 135 points at 10,648, still bruising from this morning’s worries about the Euro and European sovereign debt risk. The Index pulled back from a low of 10,607.

The Survey’s barometer of consumer sentiment rose to 73.3 from 72.2 in April, which is below the 73.5 reading economists had expected.

On the plus side, consumers’ sense of their own expectations for the economy rose collectively to 68.3 from 66.5 in April.

Update: Looks like I spoke too soon. The Dow is now down over 200 points at 10,580, while the S&P 500 is down 27 points at 1,130