Stocks Opened Slightly Higher after Economic Data

U.S. stocks opened slightly higher on Friday as the economic data showed that consumer spending jumped in July. The Dow Jones Industrial Average lately rose 63.40 points, or 0.22%, to 28,555.67. The S&P 500 was up 9.18 points, or 0.26%, to 3,493.73. The Nasdaq Composite gained 67.94 points, or 0.58%, to 11,693.28.

Oil futures were little changed Friday, a day after Hurricane Laura made landfall on the Gulf Coast as a Category 4 storm but spared refineries from extensive damage. West Texas Intermediate crude for October delivery was unchanged at $43.04 a barrel. October Brent crude was off 4 cents, or 0.1%, at $45.56 a barrel.

U.S. consumer spending increased more than expected in July, strengthening expectations for a sharp rebound in economic growth in the third quarter. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 1.9% last month, after jumping 6.2% in June.

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