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US stocks jump after report of stronger consumer spending

FILE - In this Tuesday, Aug. 29, 2017, file photo, the Texas state flag, right, flies outside the New York Stock Exchange, which has committed more than $1 million for Harvey relief efforts. U.S. stocks are rising in early trading, Thursday, Aug. 31, led by retailers and health care companies, after the Commerce Department said spending by consumers picked up in July. (AP Photo Peter Morgan, File)
FILE - In this Tuesday, Aug. 29, 2017, file photo, the Texas state flag, right, flies outside the New York Stock Exchange, which has committed more than $1 million for Harvey relief efforts. U.S. stocks are rising in early trading, Thursday, Aug. 31, led by retailers and health care companies, after the Commerce Department said spending by consumers picked up in July. (AP Photo Peter Morgan, File) FILE - In this Tuesday, Aug. 29, 2017, file photo, the Texas state flag, right, flies outside the New York Stock Exchange, which has committed more than $1 million for Harvey relief efforts. U.S. stocks are rising in early trading, Thursday, Aug. 31, led by retailers and health care companies, after the Commerce Department said spending by consumers picked up in July. (AP Photo Peter Morgan, File)

By Associated Press 4 min read

NEW YORK (AP) – U.S. stocks are climbing Thursday after the Commerce Department said spending by U.S. consumers grew in July, along with wages and salaries. Health care companies are making some of the biggest gains, along with technology companies and retailers. Investors are also pleased with economic reports from Europe and China. Packaged food companies are slumping again after a weak quarterly report and disappointing guidance from Campbell Soup.

KEEPING SCORE: The Standard & Poor’s 500 index climbed 10 points, or 0.4 percent, to 2,467 as of 11:55 a.m. Eastern time. The Dow Jones industrial average added 40 points, or 0.2 percent, to 21,933. The Nasdaq composite gained 46 points, or 0.7 percent, to 6,414, close to the record high it set in late July. The Russell 2000 index of smaller-company stocks picked up 13 points, or 1 percent, to 1,405.

The S&P 500 is down by a small amount in August, and September is typically the weakest month of the year for stocks. On average the S&P 500 falls about 0.5 percent in September.

ECONOMY VIEWS: The Commerce Department said consumer spending rose 0.3 percent in July, the best showing in three months, as wages and salaries increased. Stocks climbed a day ago after the government raised its estimate of second-quarter economic growth.

Elsewhere, inflation in the eurozone increased in August and a measurement of factory activity in China improved.