Stocks Opened Higher on Strong Economic Data

U.S. stocks opened firmly higher on Thursday as strong economic data brought back appetite for riskier assets. The Dow Jones Industrial Average lately rose 50.87 points, or 0.23%, to 21,943.30. The S&P 500 climbed 8.22 points, or 0.33%, to 2,465.81. The Nasdaq Composite rose 28.85 points, or 0.45%, to 6,397.16.

Oil prices rose on Thursday, as flooding due to now-Tropical Storm Harvey continued to wreck havoc on refineries along the Gulf Coast. Crude oil for October rose 15 cents, or 0.3%, to $46.11 a barrel, while Brent for the same month added 3 cents to $50.75.

Helped by higher incomes and low inflation, Americans bought more furnishings for their homes in July and also ratcheted up spending at hotels and restaurants. Consumer spending rose 0.3% last month, the Commerce Department reported Thursday.