Stocks rose yesterday as investors seized on the latest retail sales report as evidence that the US economy was slowing just enough to persuade the Federal Reserve to leave interest rates unchanged at its next meeting.
Investors' optimism over the state of the economy helped the market break out of a slump that started after Wall Street investment firm Sanford Bernstein cut its rating and earnings estimates for Hewlett Packard.
The Dow Jones Industrial Average rose 57.63, or 0.5 per cent, to close at 10,621.84. The blue-chip index recovered from an early loss of more than 70 points.
Broader stock indicators were also higher. The Standard and Poor's 500 index was up 23.48 at 1,469.48, and the Nasdaq composite index was up 83.16, or 2.2 per cent, at 3,851.07.
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