U.S. stocks open higher on upbeat data

U.S. stocks opened higher Tuesday as Wall Street was encouraged by positive consumer spending data after the Memorial Day holiday.

Shortly after the opening bell, the Dow Jones Industrial Average rose 18.14 points, or 0.10 percent, to 17,891.36. The S&P 500 added 2.00 points, or 0.10 percent, to 2,101.06. The Nasdaq Composite Index was up 5.73 points, or 0.12 percent, to 4,939.23.

U.S. personal consumption expenditures (PCE) increased 119.2 billion U.S. dollars, or 1.0 percent, in April, beating a market consensus of 0.7 percent, the Commerce Department announced Tuesday.

In April, personal income increased 69.8 billion dollars, or by 0.4 percent, and disposable personal income (DPI) increased 63.5 billion dollars, or by 0.5 percent.

Meanwhile, investors were still assessing the possibility of a June rate hike by the Federal Reserve.

On Friday, U.S. Fed Chair Janet Yellen said at Harvard University that an interest rate hike in the next few months would probably be appropriate if economic data improved.

Traders will also keep a close eye on Friday's non-farm employment report, which is seen as the most significant economic release before the Fed's June policy meeting.

On Friday, U.S. stocks rallied as investors assessed Yellen's comments and the newly-released U.S. economic growth data. Endi