US stock market opens higher with strong data

NEW YORK (AA) - The stock market opened with gains Monday to begin the new week on a higher note with strong macroeconomic data, while investors are trying to overcome concerns that the Federal Reserve will raise interest rates.

The Dow Jones started the day at 18,432, gaining 37 points. The S&P 500 was up two points to open at 2,171 and the Nasdaq gained five points to 5,224.

In line with market expectations, personal spending rose by 0.3 percent in July, the Department of Commerce announced earlier Monday, marking its fourth consecutive monthly increase.

Personal income rose 0.4 percent in July, according to the Department. The gain also was in consensus with market expectations.

On Friday, the Fed Chair Janet Yellen and the Vice President Stanley Fischer made hawkish comments that the Central Bank could raise its benchmark interest rate, raising apprehension in the market and among investors.

Although Wall Street seems to have put aside such worries, the U.S. dollar was on the rise Monday against other major currencies, which pushed oil prices lower.

At the opening bell, American benchmark West Texas Intermediate traded at $46.86 a barrel, a 1.6 percent decline, while international benchmark Brent crude had a 1.5 percent loss and hit $49.38.