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Stocks open higher as consumer spending rises

3 years 5 months 11 hours ago April 29, 2013 Apr 29, 2013 Monday, April 29 2013 April 29, 2013 8:02 AM in News
Source: AP

NEW YORK- 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.

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