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U.S. Stocks Close Higher on Strong Retail Sales

Retailers like Home Depot announced stronger than estimated performance

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U.S. stocks closed higher yesterday on news that retail sales increased in October, indicating strong consumer health and signaling a promising holiday season, Reuters reports. The Dow Jones Industrial Average rose 54.77 points, the S&P increased 18.1 points and the Nasdaq Composite rose 120.01 points.

“The outlook is one where prices are rising but consumer spending is still strong and it looks like the supply chains are stressed but still we’re able to get goods on the shelves,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments

Shares of DIY retailer Home Depot (Atlanta) rose 5.73 percent to close at a record high. The retailer also saw its biggest one-day percentage increase since April 2020 after besting quarterly estimates by almost $2 billion. Walmart also raised its annual sales and profit forecasts, and Target, Macy’s and Kohl’s will report earnings later this week.

Jennifer Acevedo is the editor-in-chief and associate publisher of VMSD magazine.

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