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Stocks higher following retail sales data

Stocks higher following retail sales data

U.S. stocks edged higher in early trading Monday as investors returning from a long holiday weekend were heartened by good news on retail sales.
Shares of major retailers rose after data showed shoppers opened their wallets more this holiday season, a good sign that consumers are feeling better about the economy.
Figures from MasterCard Advisors' SpendingPulse, which track all forms of payment, show retail sales rose 3.6 percent from Nov. 1 through Dec. 24, compared with a 2.3 percent drop a year ago. Adjusting for an extra shopping day between Thanksgiving and Christmas, the number was closer to a 1 percent gain.
Consumer spending is one of the biggest drivers of economic growth and is vital to a sustained recovery.
Commodities prices rose as the dollar fell, giving a boost to energy and materials stocks. Bond prices fell ahead of an auction of two-year notes.
Keeping the market's gains in check, airline stocks fell after two security incidents on Northwest flights this weekend.
Stocks are currently at their highest levels of the year, and in the absence of any bad news, analysts say the market is likely to drift higher during the final days of 2009. Trading volume has been extremely light due to the holidays, which can exaggerate price swings. Markets were closed on Friday for Christmas and will be closed again this Friday for New Year's Day.
The Dow Jones industrial average rose 10.27, or 0.1 percent, to 10,530.37. The Standard & Poor's 500 index rose 0.98, or 0.1 percent, to 1,127.46, and the Nasdaq composite index rose 4.98, or 0.2 percent, to 2,290.62.


Updated : 2021-06-12 23:12 GMT+08:00