Stocks rise as consumer spending inches higher - 13 WTHR Indianapolis

Stocks rise as consumer spending inches higher


After two days of declines, stocks were moving higher in early trading Friday following news that U.S. consumer spending rose the most in three months in February.

Keeping score: The Standard & Poor's 500 index rose 15 points, or 0.8 percent, to 1,864 in the first half-hour of trading. The Dow Jones industrial average rose 141 points, or 0.9 percent, to 16,406 and the Nasdaq composite rose 40 points, or 1 percent, to 4,191.

Spending: The Commerce Department reported that Americans spent slightly more in February. Consumer spending inched up 0.3 percent, a hair short of economists' forecasts. Incomes rose at the same pace.

They're still alive: BlackBerry rose 40 cents, or 4 percent, to $9.45 after the company reported quarterly results that were better than expected. Sales fell below $1 billion for the first time since 2007, but the company's loss was not as wide as feared as new CEO John Chen restructures the company.

CBS splits: CBS Outdoor, a major outdoor advertising company, rose $2.07, or 7 percent, to $30.05 on its first day of trading. CBS decided to spin off CBS Outdoor into a separate publicly traded company because executives believed billboard advertising did not fit well with CBS's primary business of broadcasting.

Other markets: The yield on the 10-year Treasury note hovered around 2.69 percent, roughly where it was late Thursday. The price of crude oil edged up 78 cents, or 0.8 percent, to $102.06 a barrel. Gold was little changed at $1,295 an ounce.

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