Dow Up 50 Despite Soft Spending Data

Beige book shows progress in manufacturing, continuing slump in retail
By Nick McMaster,  Newser Staff
Posted Sep 9, 2009 3:31 PM CDT
This Sept. 8, 2008, file photo shows Anthony Campagna, left, Donald Himpele Jr., and Chris Enright, right, all of Spear, Leeds, & Kellogg Specialists, at the New York Stock Exchange in New York.   (AP Photo/Henny Ray Abrams, File)
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(Newser) – Stocks posted gains today slightly off session highs as the Fed’s beige book raised concerns about consumer spending, the Wall Street Journal reports. The Fed’s report signaled improvement in manufacturing across the country, but it said retail sales remained flat, even with the boost from “Cash for Clunkers.” Wal-Mart and McDonald's saw small declines on the news. The Dow added 50 points to close at 9,547. The Nasdaq rose 23 points to settle at 2,060, and the S&P 500 gained 8 points, closing at 1,033.