Opening Bell: U.S. Stocks Rise on Upbeat Consumer Data; Volkswagen Posts Q1 Profit

U.S. stocks opened higher on Tuesday, as consumer spending in April rose by the most in roughly seven years.
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U.S. stocks opened higher on Tuesday, as consumer spending in April rose by the most in roughly seven years. Consumer spending jumped one percent during the month, beating expectations of a 0.7 percent rise. Plus, the Federal Reserve's preferred inflation gauge, the personal consumption expenditure price index (PCE), jumped 1.1 percent year-over-year. Core PCE gained 1.6 percent. Meanwhile, eurozone deflation narrowed to 0.1 percent in May, compared to April's 0.2 percent year-over-year decline. Analysts were disappointed with the data, especially heading into this week's European Central Bank policy meeting. Volkswagen, after suffering losses in 2015 on the heels of its epic emissions scandal, posted a profit in first quarter. Net income stood at 2.31 billion euros, a 20 percent drop year over year. Revenue fell 3.4 percent to almost 51 billion euros. TheStreet's Scott Gamm reports from Wall Street.