NEW YORK (AP) — Stocks closed slightly higher on Wall Street after a report showed U.S. shoppers opened their wallets at stores last month by much more than expected.
The S&P 500 eked out a gain of 0.3% Wednesday after erasing an early loss. The Dow was up slightly and the Nasdaq composite ended higher.
The surprisingly strong report on retail sales offers hope that the most important part of the U.S. economy, consumer spending, can stay afloat despite worries about a possible recession looming.
The gains were tempered by concerns that the strong report could add more fuel to inflation, which remains high.