US STOCKS-Wall St edges up as spending data firms rate hike view

martes 31 de mayo de 2016 09:56 GYT

* April consumer spending up 1 pct vs est. 0.7 pct rise

* Celator jumps over 70 pct after agreeing to be acquired

* Indexes up: Dow 0.02 pct, S&P 0.08 pct, Nasdaq 0.17 pct (Updates to open)

By Yashaswini Swamynathan

May 31 (Reuters) - Wall Street inched higher on Tuesday as strong consumer spending data gave the latest sign of improvement in economic growth and supported the Federal Reserve's stance to increase interest rates in the coming months.

Hopes of a rate hike boosted financial companies, while a rise in oil prices pushed energy stocks higher.

Data showed U.S. consumer spending surged 1.0 percent in April, its biggest increase in more than six years and beating economists' expectation of a 0.7 percent rise.

The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, rose 0.2 percent last month.

In the 12 months through April, the core PCE rose 1.6 percent after a similar increase in March. The core PCE is the Fed's preferred inflation measure and is running below the U.S. central bank's 2 percent target.   Continuación...