Markets Open Up Strongly
Wall Street started June off strongly this morning, opening up across the board as the markets digested some promising consumer spending news and finally got some closure with the historic General Motors bankruptcy filing.
In the first half-hour of trading, the Dow was up about 184 points, or about 2.2 percent.
The broader S&P 500 and the tech-heavy Nasdaq were both up about 2.4 percent.
In April, consumers cut personal spending by 0.1 percent, slightly less than the 0.2 percent predicted by the Commerce Department. This was good news for Wall Street and the U.S. economy, 70 percent of which is built on consumer spending.
On Friday, the markets completed a three-month winning streak, the first since August to October of 2007, when the Dow hit its all-time high of more than 14,000.
June 1, 2009; 10:07 AM ET
Categories: The Ticker | Tags: Commerce Department, Dow Jones, GM, nasdaq, s&p 500
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