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Wall Street rises on consumer spending

Trading on the NYSE

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(Open): Wall Street rose slightly on Monday, as a report showed a slight increase in consumer spending in February.

In morning trading the Dow Jones was up 21 points to 17,537.

The S&P 500 gained 0.64 points to 2,036.5, while the technology-based Nasdaq index fell 4.4 points to 4,769.

The Commerce Department reported on Monday that consumer spending, which makes up two-thirds of the US economy, rose 0.1% in February.

On Friday, the Commerce Department revised its estimates of US economic growth in the fourth quarter to 1.4% – up from 1.1%.

Starwood shares rose 2.5% after Anbang increased its offer for the hotel chain to $14bn.

Videogame seller GameStop fell 2.4% after it projected a drop in store sales for the first quarter.

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