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Wall Street rises on consumer spending Wall Street rises on consumer spending
(about 2 hours later)
(Open): Wall Street rose slightly on Monday, as a report showed a slight increase in consumer spending in February. (Close): Wall Street rose slightly on Monday, as a report showed a slight increase in consumer spending in February.
In morning trading the Dow Jones was up 21 points to 17,537. The Dow Jones rose 19.6 points to 17,535.3, while the S&P 500 gained 1.1 points to 2,037.
The S&P 500 gained 0.64 points to 2,036.5, while the technology-based Nasdaq index fell 4.4 points to 4,769. 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%.
Starwood shares rose 2.5% after Anbang increased its offer for the hotel chain to $14bn. 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.
Videogame seller GameStop fell 2.4% after it projected a drop in store sales for the first quarter. 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.