Stock Futures Gain as Consumer Spending Rises
NEW YORK (TheStreet) -- Stock futures were rising Monday after a report found that consumer spending rose in November.
The Bureau of Economic Analysis reported that consumer spending rose 0.5% in November, in-line with economists' projections, while personal income ticked up just 0.2%; economists were forecasting 0.5%.
Futures for the S&P 500 were gaining 0.5% 1,823.50. Futures for the Dow Jones Industrial Average were adding 0.35% to 16,238, while Nasdaq futures were climbing 0.82% to 3,561.25.
Investors continued to ride a Santa Claus rally fueled by the Federal Reserve's stimulus tapering decision and the stronger-than-expected economic data that emerged following it.
The Fed's decision to scale back its economic stimulus program triggered a spike in major U.S. equity markets on Dec. 18 as investors received the move as an endorsement of a strengthening economy that for one of the first times since the 2008 financial crisis would be in less need of aid from the central bank. The decision was followed up by the strongest gross domestic product report since 2011.
Investors are awaiting a report on consumer sentiment just before 10 a.m. EST.In company news, shares of Apple (AAPL), were jumping Monday morning after the company and China Mobile (CHL) reached a deal to bring the iPhone to the world's largest mobile phone network. Apple shares were up 3.4% to $567.60 in premarket trading. Traders were keeping an eye on Facebook (FB) as Monday marks the first day the social networking giant lists on the S&P 500. Shares were up 0.91% to $55.62 in premarket trading. -- Written by Joe Deaux in New York >Contact by Email. Follow @JoeDeaux
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