US stock market opens higher with personal spending

Personal spending posts strongest gain in three months

NEW YORK (AA) - The stock market opened with gains on Monday after strong personal spending data.

The Dow Jones was up three points to begin the first day of the week at 18,164. The S&P 500 gained two points to open at 2,129 and the Nasdaq added 11 points to start at 5,202.

Personal spending in September increased 0.5 percent, from the previous month, according to the U.S. Department of Commerce.

Not only did the data beat market expectations of a 0.4 percent gain, but it also posted the strongest increase of the last three months.

Personal Consumption Expenditure (PCE) Price Index, which the Federal Reserve watches closely for its inflation target, also rose in September by 0.2 percent, in line with market expectations.

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