US STOCKS-Wall St edges up as data supports Fed rate view
* Construction spending up, manufacturing growth picks up
* April consumer spending flat
* Intel falls on Altera buy, weighs on Nasdaq, Dow and S&P
* Indexes up: Dow 0.5 pct, S&P 0.5 pct, Nasdaq 0.5 pct (Updates to late afternoon)
By Caroline Valetkevitch
June 1 (Reuters) - U.S. stocks rose in late afternoon trading on Monday as more mixed economic data bolstered the view the Federal Reserve may raise rates later rather than sooner.
Data from ISM showed that the pace of manufacturing growth rose in May. Other reports showed construction spending surged in April, but consumer spending was unexpectedly flat.
With little evidence of a rebound, the Fed is in no position to start raising interest rates for the first time since 2006, Boston Fed President Eric Rosengren said.
Transportation stocks rebounded from recent losses. The Dow Jones transportation average, which has been close to correction territory, was up 1.4 percent. Continuación...