US stocks open higher following surge in consumer spending

AP News
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Posted: Jun 25, 2015 9:43 AM
US stocks open higher following surge in consumer spending

NEW YORK (AP) — Stocks are moving higher in early trading as investors were encouraged by a big jump in U.S. consumer spending last month.

The government reported early Thursday that spending surged in May by the biggest amount in six years. That's a sign of stronger economic growth ahead.

The Dow Jones industrial average rose 32 points, or 0.2 percent, to 17,996 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index rose two points, or 0.1 percent, to 2,110.

The Nasdaq composite gained eight points, or 0.2 percent, to 5,129.

IAC/InteractiveCorp rose 4 percent after the company said it would spin off Match.com and Tinder, two dating sites, into a separate company.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.40 percent.