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Markets Right Now: Stocks rise as US consumer spending grows

The latest on developments in financial markets (All times local):

9:35 a.m.

U.S. stocks are rising in early trading after the government said spending by consumers improved in July as wages and salaries grew. Health care companies and retailers are making some of the biggest gains.

The Commerce Department said Thursday that consumer spending rose 0.3 percent in July. Investors also traded on positive reports from Europe and China.

Amazon rose 1 percent and toy maker Hasbro picked up 2.2 percent. Among health care companies, drugmaker Gilead Sciences added 2 percent.

A day ago, stocks climbed after the government raised its estimate of second-quarter economic growth.

The Standard & Poor’s 500 index advanced 9 points, or 0.4 percent, to 2,466.

The Dow Jones industrial average added 76 points, or 0.3 percent, to 21,968. The Nasdaq composite gained 25 points, or 0.4 percent, to 6,393.

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