Stocks edge up as Americans open their wallets
NEW YORK (AP) — Stocks are ending broadly higher as traders were encouraged by an increase in consumer spending last month.
Microsoft helped technology companies recover from a week of losses. The biotech sector took another tumble, and the maker of “Candy Crush Saga” fell for the third straight day after its market debut.
The Standard & Poor’s 500 index rose eight points, or 0.5 percent, to close at 1,857 Friday.
The Dow Jones industrial average rose 58 points, or 0.4 percent, to 16,323 and the Nasdaq composite rose four points, or 0.1 percent, to 4,155.
CBS Outdoor rose 5 percent on its first day of trading. The billboard company is splitting off from CBS.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.72 percent.