Stocks rise as consumer spending inches higher - 13 WTHR Indianapolis

Stocks rise as consumer spending inches higher

Updated:
NEW YORK, NEW YORK -

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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