Stocks Opened Slightly Higher after Economic Data
- Friday, August 28, 2020, 9:49
- Stock Market
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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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