Wall Street closes higher with strong data

NEW YORK (AA) – Wall Street closed higher Monday with strong macroeconomic data, while investors seem to have overcome concerns about a possible rate hike by the Federal Reserve.

The Dow Jones finished the day at 18,603, gaining 107 points. The S&P 500 was up 11 points to end at 2,180 and the Nasdaq rose 13 points to 5,232.

Personal spending, an important indicator for the Fed and its inflation target, rose by 0.3 percent in July, according to the Commerce Department. It was the fourth consecutive monthly increase.

Although Fed Chair Janet Yellen and Vice President Stanley Fischer made hawkish comments Friday that the bank could raise its benchmark interest rate this year, the U.S. markets were quick to adapt for such a possibility.

While Wall Street seems to have put aside worries about a rate hike, the U.S. dollar was on the rise Monday against major currencies, which pushed oil prices lower.

At the closing bell, American benchmark West Texas Intermediate traded at $46.97 a barrel, a 1.4 percent decline, while international benchmark Brent crude had a 1.5 percent loss and hit $49.42.