Stocks open higher as consumer spending rises

NEW YORK (AP) — Stocks are edging higher in early trading on Wall Street as investors were encouraged by an increase in consumer spending last month.

The Dow Jones industrial average was up 17 points at 14,730 shortly after the opening bell Monday, a gain of 0.1 percent.

The Standard & Poor’s 500 index was up four points at 1,585, or 0.2 percent. The Nasdaq composite was up 14 at 3,292, or 0.4 percent.

Before the market opened the government reported that Americans’ spending and income both rose 0.2 percent last month.

Moody’s rose 7.6 percent and Standard & Poor’s parent company McGraw-Hill rose 4 percent after the ratings agencies settled lawsuits dating back to the financial crisis that accused them of concealing risky investments.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s