Stocks Opened Higher after Retail Sales Data

U.S. stocks opened higher on Friday, led by a rebound in energy and financial stocks after data showed consumer spending rose sharply in January. The Dow Jones industrial average lately rose 124.54 points, or 0.80%, to 15,784.72. The S&P 500 gained 15.39 points, or 0.84%, to 1,844.47. The Nasdaq Composite was up 24.28 points, or 0.57%, to 4,291.12.

U.S. retail sales rose modestly in January, evidence that Americans kept shopping despite sharp drops in stock prices. The Commerce Department said Friday that retail sales increased a seasonally adjusted 0.2 percent last month, the same as in December.

Oil prices jumped on Friday on hopes of a coordinated production cut sparked by comments from the energy minister of OPEC member United Arab Emirates. Brent gained as much as 6 percent against its previous settlement and was up 4.9 percent at $31.53 per barrel at 0938 GMT.

The prices the U.S. paid for imported goods sank 1.1% in January, once again mainly because of cheaper oil prices. Although cheaper oil has driven most of the decline, the cost of many imported goods has fallen. Import prices minus fuel slid 0.2% in January to mark the eighth straight drop.