Stocks Up on European Debt News Despite Weak Econ Data

By: Associated Press
By: Associated Press

U.S. stocks are rising in early trading after encouraging signs about Europe's debt crisis overshadowed a dismal report about spending by American consumers.

Greece's parliament is debating an austerity package that must pass for that nation to receive a second bailout and avoid defaulting on its debt. European markets rose Monday after French banks agreed to let Greece repay some of its debt more slowly.

Earlier Monday, the U.S. government said that American consumers spent in May at the weakest pace in 20 months, another sign that the economic recovery slowed this spring.

The Dow is up 58 points, or 0.5, percent, at 11,994. The Standard & Poor's 500 index is up 5, or 0.4 percent, at 1,273. The Nasdaq composite index is up 9, or 0.3 percent, at 2,662.

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