Stocks Opened Higher after Consumer Data

U.S. stocks opened higher on Monday as investors assessed consumer spending data and await reports on manufacturing. The Dow Jones Industrial Average lately added 39.10 points, or 0.22%, to 18,049.78. The S&P 500 gained 2.89 points, or 0.14%, to 2,110.28. The Nasdaq Composite was up 8.66 points, or 0.17%, to 5,078.69.

U.S. consumer spending in April posted the weakest performance in three months, but a solid gain in income growth should help boost spending in the future. Consumer spending was flat in April after a revised 0.5 percent increase in March, the Commerce Department reported Monday.

The first round of the Federal Reserve’s controversial bond-buying program helped most in parts of the country that needed it least, new research released Monday showed.

Microchip maker Intel is buying chip designer Altera for about $16.7 billion in cash.The transaction is the latest in ongoing consolidation in the industry that’s aimed at boosting revenue and profit. The acquisition would likely be the biggest in Intel Corp.’s 47-year history. Personal income rose a healthy 0.4 percent after being unchanged in March.

Manufacturing activity showed scant sign of picking up across Europe and Asia in May as demand stayed stubbornly weak, highlighting the need for central banks to continue supporting growth.