Stock market edges up in late morning trading

The stock market rose slightly in light trading Friday, ahead of the Labor Day holiday. The latest reports on the U.S. economy were mixed: Consumer sentiment improved in August, while spending fell and income growth slowed in July.

Keeping score: The S&P 500 rose five points, or 0.3 percent, to 2,002.25 as of 11:46 a.m. Eastern time. The Dow Jones industrial average gained 16 points, or 0.1 percent, to 17,096. The Nasdaq composite climbed 21 points, or 0.5 percent, to 4,578.

The quote: “We’re seeing a listless preholiday market,” said Drew Wilson, investment analyst at Fenimore Asset Management.

Consumers pull back: Consumer spending edged down 0.1 percent in July, the first monthly decline since January, the Commerce Department reported. Fewer auto sales accounted for most of the weakness. At the same time, income growth slowed to 0.2 percent in July, the weakest showing in seven months.

Feeling better: The University of Michigan’s latest index of consumer sentiment rose to 82.5 in July from 81.8 in the previous month. The increase reflects greater optimism about jobs and rising incomes, largely among higher-income groups.

Sector view: Nine of the 10 sectors in the S&P 500 index rose, led by financial stocks. Industrial stocks were the only group to fall.

Global markets: European and Asian markets were mixed after news that Japan and Europe’s economies were struggling. In Europe, Germany’s DAX slipped 0.2 percent, while France’s CAC 40 and Britain’s FTSE 100 were flat. In Asia, the Nikkei 225, the benchmark for the Tokyo Stock Exchange, slipped 0.2 percent.

Bonds and commodities: Bond prices were little changed. The yield on the 10-year Treasury note held at 2.33 percent. Benchmark U.S. crude rose 68 cents to $95.23 a barrel in New York. Gold slipped $2.50 to $1,287.10 an ounce.

This story was originally published August 29, 2014 at 11:09 AM with the headline "Stock market edges up in late morning trading."