Encouraging Data on Consumer Spending, Home Sales Lifts Markets
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iStock/Thinkstock(NEW YORK) — The financial markets soared on Monday following the release of encouraging data on consumer spending and home sales.
The Dow Jones Industrial Average finished the session at 17,976.31, up 263.65 from its open.
The Nasdaq rose by 56.22 to close at 4,947.44. The S&P 500 was also up by 25.22 points to close at 2,086.24.
Consumers spent slightly more in February, following two straight monthly declines, according to newly released data. Incomes also rose, a development that economists hope will keep boosting spending in coming months.
The Commerce Department announced on Monday that consumer spending edged up by one-tenth a percent last month. Income grew a solid four-tenths of a percent in February, matching January’s rise.
Pending home sales were also much stronger than estimated in February, up 3.1 percent despite winter weather impacting a large portion of the country. Buying activity jumped in the Midwest and West, while dipping slightly in the Northeast and South.
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