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Wall Street rises on consumer spending | Wall Street rises on consumer spending |
(about 2 hours later) | |
(Close): Wall Street rose slightly on Monday, as a report showed a slight increase in consumer spending in February. | |
The Dow Jones rose 19.6 points to 17,535.3, while the S&P 500 gained 1.1 points to 2,037. | |
The technology-based Nasdaq index fell 6.7 points to 4,766.7. | |
The Commerce Department reported on Monday that consumer spending, which makes up two-thirds of the US economy, rose 0.1% in February. | The Commerce Department reported on Monday that consumer spending, which makes up two-thirds of the US economy, rose 0.1% in February. |
On Friday, the Commerce Department revised its estimates of US economic growth in the fourth quarter to 1.4% - up from 1.1%. | On Friday, the Commerce Department revised its estimates of US economic growth in the fourth quarter to 1.4% - up from 1.1%. |
On Tuesday, Federal Reserve Chair Janet Yellen will speak before the Economic Club of New York. Investors are waiting to hear hints about when the Fed might next raise interest rates. | |
Starwood shares rose 2% after Anbang increased its offer for the hotel chain to $14bn. Shares in Marriott, which made a $13.4bn offer for the hotel chain last week, rose 3.9%. | |
Shares in troubled drug company Valeant fell 7% after its chief executive was called to testify before a US Senate committee. | |
Music streaming company Pandora fell 12% after it said its founder Tim Westergren, would return as head of the company. | |
Videogame seller GameStop dropped 2.4% after it projected a slide in store sales for the first quarter. |
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