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Subscribe to RSSStocks opened modestly higher Friday ahead of the long holiday weekend as investors took stock of a mixed bag of data about the economy.
Consumer spending rose much less than expected in November, the government reported, raising concerns about a major driver of economic growth. Incomes hardly grew at all.
On the bright side, new orders for big-ticket items like planes and autos jumped last month, although plans for further business investment fell for the second straight month.
In a report due at 10 a.m. EST, new home sales are expected to tick up to 313,000, from 307,000 the month before. A report Wednesday showed sales of existing homes surged 4 percent in November, suggesting the market may have finally bottomed.
The benchmark S&P index has risen 2.8 percent this week as most economic data pointed to a gradual improvement in the economy. The index is down 0.3 percent for the year.
Trading is expected to be light Friday ahead of the Christmas holiday weekend, and could result in exaggerated market swings. The New York Stock Exchange will be open normal hours, but the bond market will close early, at 2:00 p.m. EST.
Reuters contributed to this report.
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oh it must be the 45 million people on food stamps or all of the industry leaving the country that is driving these stocks higher.. i mean seriously come on the stock market does not make a bit of difference to middle class america. this is so fake.