US stocks trade higher on earnings, data

New York May 1 (IANS) US stocks traded higher as investors digested a slew of corporate earnings reports as well as major economic data.

The Dow Jones Industrial Average on Monday gained 137.22 points or 0.56 per cent to 24 448.41. The S&P 500 increased 5.69 points or 0.21 per cent to 2 675.60 Xinhua news agency reported.

The Nasdaq Composite Index was up 14.48 points or 0.20 per cent to 7 134.28.

McDonald s on Monday reported better-than-expected first-quarter earnings as menu price increases fueled higher check averages in its US stores.

The company reported adjusted earnings per share of $1.79 and a revenue of $5.14 billion both topping Wall Street s expectations.

Shares of the Dow component surged 5.32 per cent to trade at $166.71 apiece in the morning session.

On the economic front personal income increased $47.8 billion or 0.3 per cent in March according to estimates released by the US Commerce Department on Monday.

Disposable personal income increased $39.8 billion and personal consumption expenditures (PCE) increased $61.7 billion or 0.4 per cent according to the estimates.

--IANS
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