Wall St edges up as spending data firms rate hike view

Wall Street inched higher on Tuesday as strong consumer spending data gave the latest sign of improvement in economic growth and supported the Federal Reserve's stance to increase interest rates in the coming months. Hopes of a rate hike boosted financial companies, while a rise in oil prices pushed energy stocks higher. Data showed U.S. consumer spending surged 1.0 percent in April, its biggest increase in more than six years and beating economists' expectation of a 0.7 percent rise.