Stocks Rise as Consumer Spending Inches Higher
Stocks are higher at midday, shaking off a two-day slump, as traders are encouraged by an increase in consumer spending last month.
Tech stocks turned higher with help from Microsoft. CBS Outdoor rose 7 percent on its first day of trading. The billboard company is splitting off from CBS.
The Standard & Poor’s 500 index rose 14 points, or 0.8 percent, to 1,863 at midday Friday.
The Dow Jones industrial average rose 111 points, or 0.7 percent, to 16,373. The Nasdaq composite rose 38 points, or 0.9 percent, to 4,190.
The Commerce Department reported that consumer spending rose 0.3 percent last month. Income increased at the same pace.
Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.69 percent.