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Stocks gain on encouraging news on the US economy

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June 27, 2013 11:51 AM EST | AP


NEW YORK — Better reports on jobs and consumer spending are pushing stocks higher on Wall Street.

The Dow Jones industrial average was up 121 points, or 0.8 percent, at 15,031 at midday Thursday. The Dow is headed for its third straight gain.

The Standard & Poor's 500 index was up 13 points, or 0.8 percent, at 1,616. All 10 industry groups in the index rose.

The Nasdaq composite rose 27 points, or 0.8 percent, to 3,403.

Consumer spending rose 0.3 percent last month as incomes increased at the fastest pace in three months. Claims for unemployment benefits fell 9,000 last week.

The yield on the 10-year Treasury note fell for a second day.

Conagra rose 5.6 percent to $35.23 after the company that makes Chef Boyardee reported earnings that beat analysts' estimates.