US STOCKS-Wall Street rebounds, lifted by Fed's Lockhart

Tue Aug 13, 2013 1:59pm EDT
 
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* Fed's Lockhart: Too early to lay out full stimulus exit

* Orbitz shares tumble as major shareholder cuts stake

* Dow up 0.4 pct, S&P 500 up 0.2 pct, Nasdaq up 0.3 pct

By Havovi Cooper

NEW YORK, Aug 13 (Reuters) - U.S. stocks rebounded on Tuesday after a top Fed official said the economic picture is too mixed for the U.S. central bank to detail its exit strategy from massive stimulus.

Atlanta Fed President Dennis Lockhart said recent data does not present a clear picture of the economy even as he did not rule out some kind of decrease next month in the $85 billion monthly pace of bond buys currently under way.

Data on Tuesday showed consumer spending rose in July at its fastest pace in seven months and small business optimism was improving, while import prices rose less than expected during the month and inventories at U.S. businesses were flat in June.

"Although retail sales weren't disappointing, the overall economic numbers still haven't proven themselves period over period for the Fed to act faster," said Stephen Carl, head of U.S. Equity Trading at the Williams Capital Group in New York.

The Dow Jones industrial average rose 58.58 points or 0.38 percent, to 15,478.26, the S&P 500 gained 5.43 points or 0.32 percent, to 1,694.9 and the Nasdaq Composite added 10.694 points or 0.29 percent, to 3,680.64.   Continued...