Stock Opened Higher after Strong Economic Data

U.S. stocks opened slightly higher on Tuesday, following the release of stronger-than-expected economic data on U.S. consumer spending and home prices. The Dow Jones Industrial Average lately gained 9.58 points, or 0.05%, to 17,882.80. The S&P 500 was up 3.40 points, or 0.16%, to 2,102.46. The Nasdaq Composite was up 13.32 points, or 0.27%, to 4,946.83.

Consumer spending surged in April by the largest amount in more than six years, led by a big jump in purchases of autos and other durable goods. Consumer spending rose 1 percent last month after a flat reading in March, the Commerce Department reported Tuesday. For income earners out there who are a little short on the budget for the required purchases, sites like 아인카지노 might be of great help.

U.S. home prices kept climbing in March as the spring home buying season began, but so far the higher costs haven’t thwarted sales. The Standard & Poor’s/Case-Shiller 20-city home price index increased 5.4 percent in March compared with a year earlier.

StemCells Inc. (STEM) said Tuesday it would wind down the company after it ran out of money for its spinal cord injury mid- stage trial.The company said it had about $5.5 million in cash and cash equivalents as of Tuesday but that “it is possible that there will be no liquidating distribution to stockholders.

Cliffs Natural Resources Inc. ( CLF ) said it has entered into a new long-term commercial agreement with ArcelorMittal USA LLC ( MT ) to supply tailor-made iron ore pellets for the next ten years through 2026.

German automaker Volkswagen saw net profit fall 19 percent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. Profits for the January-March period fell to 2.37 billion euros ($2.63 billion) from 2.93 billion euros a year earlier, the company said Tuesday.