partlycloudy
Thursday August 27th, 2015 3:28PM

Stocks gain as Americans open their wallets; Dow up 100+ at midday

By The Associated Press
NEW YORK (AP) -- After two days of declines, stocks were moving higher in midday trading Friday following news that U.S. consumer spending rose the most in three months in February. Tech stocks were recovering after a week of losses with help from Microsoft.

KEEPING SCORE: The Standard & Poor's 500 index rose 14 points, or 0.8 percent, to 1,863 as of 12:26 p.m. Eastern. The Dow Jones industrial average rose 120 points, or 0.7 percent, to 16,383 and the technology-heavy Nasdaq composite rose 49 points, or 1.2 percent, to 4,200.

START ME UP: The biggest gainer in the Dow was Microsoft, which rose 98 cents, or 3 percent, to $40.34. The company announced Thursday that it was bringing Microsoft Office to the iPad and would shift its focus away from Windows, a move that analysts cheered.

"We continue to view (this) as a massive revenue and operating profit opportunity for Microsoft," analysts at Credit Suisse said in a report Thursday. Other tech stocks also rose after a week of losses. Google, Intel and IBM each rose about 1 percent.

SPENDING UNFROZEN: Investors were encouraged by news that Americans picked up their spending last month, a hopeful sign for an economy that has been slowed by months of severe winter weather. The Commerce Department said consumer spending inched up 0.3 percent, a hair short of economists' forecasts. Incomes rose at the same pace.

CBS SPLITS: CBS Outdoor, a major outdoor advertising company, rose $1.93, or 7 percent, to $29.93 on its first day of trading. CBS decided to spin off CBS Outdoor into a separate publicly traded company because executives believed billboard advertising did not fit well with CBS's primary business of broadcasting.

OTHER MARKETS: The yield on the 10-year Treasury note hovered around 2.72 percent, up from 2.69 percent Thursday. The price of crude oil edged up 31 cents, or 0.3 percent, to $101.60 a barrel. Gold was little changed at $1,292.40 an ounce.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 7 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 7 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 7 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 7 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 7 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 7 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 7 months ago )
Local/State News
US stocks rise after Chinese market surges
U.S. stocks climbed Thursday morning as investors took advantage of this week's big sell-off to add to their holdings. The stock market is rebounding from a sharp sell-off earlier that was triggered b...
12:41PM ( 2 hours ago )
Settlement reached in lawsuit over decade-old Gulf oil leak
NEW ORLEANS (AP) — Environmental groups and a New Orleans company that failed to end a decade-old oil leak in the Gulf of Mexico have reached a settlement agreement in a lawsuit over the slow-motion s...
12:32PM ( 2 hours ago )
The Latest: Kentucky clerk again refuses to grant license
MOREHEAD, Ky. (AP) — The latest in the refusal of a Kentucky county clerk to issue marriage licenses to same-sex couples (all times local):___12 p.m.A Kentucky county clerk temporarily closed her offi...
12:07PM ( 3 hours ago )
Democratic Party lags in money before presidential year
WASHINGTON (AP) — The Democratic National Committee barely has more cash than it does IOUs, and it is being outraised month after month by its Republican competitor.Its $24 million debt from the 2012...
11:51AM ( 3 hours ago )
US stocks open higher after Chinese market surges
NEW YORK (AP) — U.S. stocks are opening higher after China's main stock index logged its biggest gain in eight weeks. A report also showed that the U.S. economy expanded at a much faster pace than pre...
9:42AM ( 5 hours ago )