Dow up slightly in early trade after ExxonMobil report, spending data

Stocks slightly higher amid of earnings from ExxonMobil, data on consumer spending.

Wall Street rose modestly Thursday as investors looked past a disappointing profit report from Exxon Mobil Corp. and focused on economic data that was slightly more upbeat than expected.

The stock market's advance was limited because Exxon Mobil's $11 billion profit was not as high as analysts expected despite record high oil prices. Lower production volumes caused the company's profit margins to shrink.

Wall Street was relieved, however, that the Commerce Department said consumer spending rose 0.4 percent in March, a faster pace than analysts expected, and that the Institute for Supply Management said U.S. manufacturing contracted at a slightly slower pace than anticipated.

In late morning The Dow Jones industrial average rose 25.97, or 0.20 percent, to 12,846.10.