By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks rose modestly Monday, on track for a fourth consecutive session of gains, after the government reported a bigger-than-expected rise in consumer spending in February.
While global issues could make for “a bumpy ride over the next few months, for investors with a long-term viewpoint, the likelihood remains that the U.S. and global expansion will continue, gradually pushing both interest rates and equity prices higher,” said David Kelly, chief market strategist at J.P. Morgan Funds.
Personal consumer spending increased 0.7% last month, slightly stronger than the 0.6% gain expected by economists surveyed by MarketWatch. Read more about latest income, spending data.
Separately, the National Association of Realtors reported its index of sales agreements for previously owned homes climbed 2.1% in February.
After posting its biggest weekly advance since early July, the Dow Jones Industrial Average (DJIA 12,249, +28.79, +0.24%) lately added 49.19 points to 12,269.86, with all but five of its 30 components rising.
The Standard & Poor’s 500 Index (SPX 1,317, +3.02, +0.23%) gained 5.71 points to 1,319.51, with telecommunications companies faring the best among its 10 industry groups.
The Nasdaq Composite (COMP 2,748, +5.31, +0.19%) rose 10.43 points to 2,753.49.
For every stock that fell, two rose on the New York Stock Exchange, where 194 million shares traded as of 10:45 a.m. Eastern.
World of worries
Monday brought activity on the corporate M&A front, with online auctioneer EBay Inc. (EBAY 30.95, -0.75, -2.37%) saying it would pay $2.4 billion, or $29.25 a share, for GSI Commerce Inc. (GSIC 29.14, +9.76, +50.36%) , a provider of e-commerce and marketing services. Shares of EBay were off 2.6% while shares of GSI climbed to $29.30.
Anheuser-Busch Inbev (BUD 56.80, -0.67, -1.17%) is buying a 58% stake in Chicago brewer Goose Island for $22.5 million.
Shares making notable moves included Cal-Maine Foods Inc. (CALM 29.79, +1.97, +7.08%) , up 5.8%, after the nation’s biggest egg producer reported third-quarter results that beat Wall Street’s expectations.
Equities built on the prior week’s gains as Japan continued its efforts to bring a crippled nuclear reactor under control after workers found new pools of radioactive water leaking from the complex northeast of Tokyo.
Oil prices slipped after Libyan rebels reclaimed oil ports and vowed to restart exports, with benchmark crude (CLK11 104.55, -0.85, -0.81%) off nearly $1 at $104.48 a barrel on the New York Mercantile Exchange.
