Stocks ended higher today as the market shook off poor economic data in late trading.
Consumer spending dipped 0.3% in December as the savings rate rose to 4.9% in the month from 4.3% in November. The decline was driven by a fall in both durable goods purchase (down 1.2%) and nondurable goods (down 1.3%). Spending on services inched up 0.1%. Real disposable income was up 0.5%.
The closely watched ISM manufacturing index, which measures the strength of the U.S. factory sector, fell to 53.5 in January from 55.1 in December. The reading is the worst in a year and economists had expected the index to come in at 54.3.
At market close the Nasdaq, Dow and S&P 500 were up 0.9%, 1.1% and 1.3% respectively.
Stocks on the Move
Shares of Exxon Mobil (XOM) rose 2.5% today after the firm reported better-than-expected fourth quarter results. The firm said it earned $6.57 billion in the quarter, down from $8.35 billion in the year-ago period as low oil prices weighed. The company was boosted by its chemical decision and a favorable arbitration ruling regarding Venezuelan assets.