US shares reaped fresh gains on Tuesday, with investors and traders digesting key economic data on the state of the consumer after two major retailers topped quarterly corporate earnings results.
The S&P 500 rose 0.3% as of 10:15 a.m. Eastern. The Dow Jones Industrial Average rose 158 points, or 0.5%, to 36,250 and the Nasdaq rose 0.2%.
New monthly retail sales data released by the US Commerce Department has showed better-than-expected consumer spending trends heading into the holiday season.
The total value of U.S. retail sales rose by 1.7% in October compared to September, above expectations for a 1.4% rise.
The print was closely watched as an indicator of overall economic strength, given consumption comprises about two-thirds of U.S. economic activity.
Earnings results from retail Walmart further underscored solid shopping trends among American consumers. The company’s sales grew 9.2% over last year in the third quarter, and by 15.6% compared to the same period in 2019, to exceed estimates for growth of 7%. E-commerce sales also held up and grew by a better-than-expected 8%, compared to the 1.9% rise expected as more consumers returned to shopping in person.
Home Depot also posted better-than-expected sales and earnings results as the company continued to see “elevated home improvement demand. Depot’s earnings statement. Comparable sales grew 6.1% compared to the 1.5% rise anticipated.<\/p>\n","protected":false},"excerpt":{"rendered":"
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