NEW YORK: Wall Street stocks rose early Tuesday following a solid US retail sales report, even as Dow member Walmart tumbled following disappointing earnings.
US retail sales rose 0.9 percent in April as auto sales rebounded and categories such as electronics, home furnishings and restaurants saw strong gains.
The report suggested the continued strength of the American consumer, although some of the gains also went to higher prices for gasoline and other staples.
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“The key takeaway from the report, which is not adjusted for inflation, is that higher pricing helped in the sales growth, yet spending increased across most discretionary categories,” said Briefing.com analyst Patrick O’Hare.
About 15 minutes into trading, the Dow Jones Industrial Average was up 1.0 percent at 32,536.81.
The broad-based S&P 500 gained 1.4 percent to 4,063.52, while the tech-rich Nasdaq Composite Index jumped 2.3 percent to 11,926.29.
Walmart slid more than eight percent as it reported a 25 percent drop in quarterly profits to $2.1 billion due to higher costs for labor, food and fuel.
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