US stocks rise after increase in consumer spending

2010-03-29 15:59:57 GMT2010-03-29 23:59:57 (Beijing Time) SINA.com

Stocks are higher after an increase in consumer spending boosted confidence in the economy.

The Commerce Department says Monday that consumer spending rose for the fifth consecutive month in February. The increase matched economists' expectations.

Job creation and strong consumer spending are considered keys to a sustained recovery. The Labor Department's employment report at the end of the week is expected to show employers added jobs this month for only the second time since the recession began in December 2007.

At midday, the Dow Jones industrial average is up 53 at 10,903. The Standard & Poor's 500 index is up 7 at 1,174. The Nasdaq composite index is up 13 at 2,408.

(Agencies)

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