- Associated Press - Friday, May 27, 2011

NEW YORK — Stocks are opening higher after a report showed Americans’ spending edged up last month.

The Commerce Department said early Friday that both personal income and spending rose 0.4 percent in April, in line with what economists expected. However higher food and gas prices accounted for most of the spending increase.

Higher gas prices could also weigh on the University of Michigan Consumer Sentiment index due out later this morning.

The Dow Jones industrial average is up 48 points, or 0.4 percent, at 12,450. The S&P 500 index is up 5 points, or 0.4 percent, at 1,330. The Nasdaq is up 8 points, or 0.3 percent, at 2,790.

All three indexes are down for the week. Stock markets took a hard fall Monday with a batch of bad news from Europe.

 

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