Stock Opened Higher after Economic Data

U.S. stocks opened higher on Friday, after the report showed U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year. The Dow Jones Industrial Average lately rose 116.08 points, or 0.55%, to 21,403.11. The S&P 500 gained 10.74 points, or 0.44%, to 2,430.44. The Nasdaq Composite climbed 24.50 points, or 0.40%, to 6,168.85.

Oil prices were up for the seventh straight session Friday in their longest streak of gains since April, as investors continued to respond to last week’s drop in U.S. production. Brent crude rose 29 cents, or 0.6%, to $47.71 a barrel. West Texas Intermediate futures were up 37 cents, or 0.8%, at $45.30 a barrel.

Americans barely increased spending in May and choose to save more money instead even as decelerating inflation gave them more bang for the buck. Consumer spending rose 0.1% last month after back-to-back 0.4% gains in April and March, the Commerce Department reported Friday.

Microsoft Inc. (MSFT) is planning to unveil a major reorganization on July 5, the Puget Sound Business Journal has reported. The Seattle-based publication said sources told it the changes would better align the company with its cloud-first strategy.

Nike Inc. (NKE) beat fourth-quarter earnings expectations. Nike reported net income of $1.01 billion, or 60 cents per share, up from $846 million, or 49 cents per share, in the year-earlier period. It reported revenue of $8.7 billion, up from $8.2 billion in the year-earlier period.