NEW YORK: Wall Street stocks advanced early Tuesday as stronger-than-expected retail sales data and corporate earnings offset inflation worries.
The Commerce Department reported retail sales rose 1.7 percent in October from September, above expectations and their biggest month-on-month jump since March.
"The key takeaway from the report is that spending picked up across most retail categories, reflecting the dissipating impact of the Delta variant," said Briefing.com analyst Patrick O'Hare, who pointed to simmering concerns about inflation and Federal Reserve policies as factors restraining a bigger equity rally.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 36,239.37.
The broad-based S&P 500 gained 0.3 percent to 4,696.23, while the tech-rich Nasdaq Composite Index climbed 0.2 percent to 15,881.79.
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Among individual companies, Walmart fell 0.9 percent as the giant retailer lifted its full-year forecast behind stronger-than-expected results, but acknowledged it was not passing along all the hit from higher costs to consumers.
Fellow retail giant Home Depot surged 3.6 percent as it easily topped earnings estimates on a nearly 10 percent increase in quarterly sales to $36.8 billion.
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