Investing.com - U.S. stocks rose on Wednesday, with the Dow Jones Industrial Average closing at another record high after official data revealed that retail sales came in stronger than expected in February.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.04%, the S&P 500 index ended up 0.13%, while the Nasdaq Composite index rose 0.09%.
The Commerce Department reported earlier that U.S. monthly retail sales jumped 1.1% in February, beating expectations for a 0.5% increase.
Core retail sales, which are stripped of automobiles, gasoline and building materials, rose by 1.0% compared to expectations for a 0.2% gain.
Stocks rose on the news, as consumer spending drives roughly 70% of the U.S. economy.
The numbers fueled already growing expectations for the Federal Reserve to start considering exit strategies for its monetary stimulus programs that weaken the greenback by design to spur recovery.
Still, the Fed has not indicated when it will halt a monthly USD85 billion bond-buying program that sends stocks rising as a side effect, which fueled the day's rally.
The retail sales figures came just days after the Bureau of Labor Statistics reported that the U.S. economy added 236,000 nonfarm payrolls in February, way more than an expected 160,000 increase.
The headline unemployment rate fell to 7.7% in February from 7.9% in January, beating analysts' calls for the rate to remain unchanged.
Leading Dow Jones Industrial Average performers included IBM, up 0.72%, Boeing, up 0.71%, and McDonald's, up 0.67%.
The Dow Jones Industrial Average's worst performers included Merck, down 0.98%, Alcoa, down 0.93%, and Coca-Cola, down 0.92%.
European indices, meanwhile, largely mixed.
After the close of European trade, the EURO STOXX 50 fell 0.26%, France's CAC 40 fell 0.10%, while Germany's DAX 30 finished up 0.06%. Meanwhile, in the U.K. the FTSE 100 finished down 0.45%.
On Thursday, the U.S. is to release government data on producer price inflation, a leading indicator of price stability, and the weekly government report on initial jobless claims.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.04%, the S&P 500 index ended up 0.13%, while the Nasdaq Composite index rose 0.09%.
The Commerce Department reported earlier that U.S. monthly retail sales jumped 1.1% in February, beating expectations for a 0.5% increase.
Core retail sales, which are stripped of automobiles, gasoline and building materials, rose by 1.0% compared to expectations for a 0.2% gain.
Stocks rose on the news, as consumer spending drives roughly 70% of the U.S. economy.
The numbers fueled already growing expectations for the Federal Reserve to start considering exit strategies for its monetary stimulus programs that weaken the greenback by design to spur recovery.
Still, the Fed has not indicated when it will halt a monthly USD85 billion bond-buying program that sends stocks rising as a side effect, which fueled the day's rally.
The retail sales figures came just days after the Bureau of Labor Statistics reported that the U.S. economy added 236,000 nonfarm payrolls in February, way more than an expected 160,000 increase.
The headline unemployment rate fell to 7.7% in February from 7.9% in January, beating analysts' calls for the rate to remain unchanged.
Leading Dow Jones Industrial Average performers included IBM, up 0.72%, Boeing, up 0.71%, and McDonald's, up 0.67%.
The Dow Jones Industrial Average's worst performers included Merck, down 0.98%, Alcoa, down 0.93%, and Coca-Cola, down 0.92%.
European indices, meanwhile, largely mixed.
After the close of European trade, the EURO STOXX 50 fell 0.26%, France's CAC 40 fell 0.10%, while Germany's DAX 30 finished up 0.06%. Meanwhile, in the U.K. the FTSE 100 finished down 0.45%.
On Thursday, the U.S. is to release government data on producer price inflation, a leading indicator of price stability, and the weekly government report on initial jobless claims.