Stocks open higher as US consumer spending increases; BlackBerry jumps in early trading

Associated Press + More

NEW YORK (AP) — Stocks are moving higher in early trading as investors are encouraged by more evidence that Americans are spending more.

BlackBerry rose 5 percent after the company reported results that were better than investors were expecting as a new CEO cut expenses.

The Standard & Poor's 500 index rose 12 points, or 0.7 percent, to 1,861. The Dow Jones industrial average rose 111 points, or 0.7 percent, to 16,373. The Nasdaq composite rose 35 points, or 0.9 percent, to 4,187.

The Commerce Department reported that consumer spending rose 0.3 percent last month. Income increased at the same pace.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.69 percent.

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