S&P 500, Nasdaq close at records as data signals continued recovery

AP/Mark LennihanUS equities gained on Friday on better-than-expected economic data. Both the S&P 500 and Nasdaq composite notched record highs.Consumer spending in the US grew 1.9% in July, beating economists' 1.5% estimate and signaling a continued, albeit slowing, economic recovery.The Dow Jones industrial average erased its 2020 losses. The index briefly traded above its December 31, 2019 close in Thursday's session before paring gains.Oil was little changed as Hurricane Laura weakened ov