U.S. stocks posted their third day in a row of gains on strength in consumer spending and energy stocks. Bobbi Rebell reports.
A strong rally in crude oil prices lifted energy stocks and energized the markets. Wall Street extended its rally into a third day. Positive data on consumer spending, personal income, and consumer sentiment provided a tailwind. Ken Kamen of Mercadien Asset Management: SOUNDBITE: KENNETH KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT (ENGLISH) SAYING: "I think, the economic data certainly is starting to get people to look at 2016 and say, well, if the Fed was comfortable to move, and they've been waiting forever to do it, looking for signs of a more stronger economy, that it's probably a good bet that its probably getting stronger." Leading the charge with big gains on the S&P 500: Southwestern Energy, Williams Companies and other energy stocks. Yet another retailer out with a dour outlook. Bed Bath & Beyond cut its quarterly profit forecast. SunTrust Robinson Humphrey downgraded the stock to "neutral" from "buy." Nike booked strong orders, but quarterly revenue was softer than expected, and investors sold its shares. Weak demand for PC chips hurt Micron Technology. The memory chip maker forecast its first quarterly loss in more than two years. Shares fell. In Europe, commodities stocks drove the markets sharply higher.