Retail Sales Gain Sends US Stocks Higher

By: AP
By: AP

NEW YORK (AP) -- Stocks are moving higher after a surprising gain in retail sales in July provided more evidence that American shoppers are still spending even as their counterparts in Europe and Asia slow down.

The Dow Jones industrial average rose 40 points to 13,210 just before noon Tuesday. The broader S&P 500 index added five points at 1,409 and the Nasdaq composite index rose 11 points to 3033.

U.S. retail sales rose in July by the largest amount in five months as Americans spent more on cars, furniture and clothes. The gain, which was better than analysts had expected, suggested that the U.S. economy was strengthening.

Home Depot rose after the world's biggest home-improvement retailer posted a 12 percent jump in net income and increased its earnings forecast for the entire year.

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