Stocks Open Higher on Low Volume Heading into Labor Day Holiday

TheStreet

Wall Street opened higher on the last day of the week before heading into the Labor Day holiday, on low volume. Stocks gave up pre-market gains when the latest consumer data came out before the bell showing Americans cut back on purchases. Consumer spending in July unexpectedly fell for the first time in six months. Income growth was also below expectations, slowing to its smallest gain since December. The Russian ruble is getting slammed. The currency is now at a historical low against the U.S. dollar. The drop comes as more indications show that the Russian military is directly supporting separatists fighting in Ukraine. Malaysia Airlines is cutting 6,000 workers, that's about 30 percent of its workforce. The battered airline said it will try to revive its damaged brand after being hit by two disasters. A search for a new CEO is also underway. Angry Birds creator, Mikael Hed, will step down from his role as CEO of Rovio Entertainment at the beginning of next year.