Stocks are higher in early trading, based on strong earnings results and positive news on consumer spending.
Exxon Mobil on reported its most profitable quarter since the record third quarter of 2008 as it produced more oil. Newspaper publisher Gannett, meanwhile, said its net income rose 30 percent after political advertising boosted revenue at its television stations and costs fell.
Americans increased their spending sharply in December and consumer purchases for all of 2010 rose at the fastest pace in three years.
The Commerce Department says consumer spending rose 0.7 percent in December, matching the October gain. Households saw their incomes rise 0.4 percent, the same as November.
For all of 2010, consumers boosted spending 3.5 percent. That was the best performance since a 5.2 percent rise in 2007, before the recession began.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.