Consumer sentiment hits 2-year high, UMich says (by Rex Nutting)

WASHINGTON (MarketWatch) -- U.S. consumer sentiment improved in January, as a closely followed survey rose to its highest level in two years. The Reuters/University of Michigan consumer sentiment index rose to 74.4 in January from 72.5 in December, according to media reports. It's the highest since January 2008. The preliminary mid-month reading was 72.8. Economists were expecting an increase to 73.0 in the final numbers. The index has been little changed in the past five months after falling to 55.3 in November 2008.