New York, June 1 (IANS) US stocks closed mixed on Tuesday as Wall Street digested a batch of economic reports.
The Dow Jones Industrial Average dipped 86.09 points, or 0.48 percent, to 17,787.13. The S&P 500 edged down 2.11 points, or 0.10 percent, to 2,096.95. The Nasdaq Composite Index rose 14.55 points, or 0.29 percent, to 4,948.06, Xinhua reported.
US personal consumption expenditures increased $119.2 billion, or 1.0 percent, in April, beating a market consensus of 0.7 percent, the Commerce Department announced on Tuesday.
In April, personal income increased $69.8 billion, or by 0.4 percent, and disposable personal income increased $63.5 billion, or by 0.5 percent.
“The first quarter spending slump is now confirmed to be transitory, and the second quarter rebound is now confirmed to be underway. Second quarter real consumption could top 4 percent for the first time since the fourth quarter of 2014,” said Jay Morelock, an economist at FTN Financial, in a note.
Meanwhile, the Conference Board Consumer Confidence Index came in at 92.6 in May, missing market consensus of 97.0.
Investors were assessing the possibility of a June rate hike by the Federal Reserve. On Friday, US Fed Chair Janet Yellen said at Harvard University that an interest rate hike in the next few months would probably be appropriate if economic data improved.
Traders will also keep a close eye on Friday’s non-farm employment report, which is seen as the most significant economic release before the Fed’s June policy meeting.