Retail sales data push blue-chip stocks forward

Blue-chip stocks ended higher yesterday following surprisingly strong April retail sales and an unexpected interest-rate cut by the European Central Bank, but technology stocks gave up early gains built on bullish brokerage remarks on semiconductor equipment makers.

The Dow Jones industrial average rose 44.46 points, or 0.40 per cent, to end at 10,910.44, while the Nasdaq composite index fell 27.81 points, or 1.29 per cent, to 2,128.82. The benchmark Standard & Poor's 500 index slipped one-third of a point to 1,255.19. Year-to-date, the Dow is up 1.1 per cent, the Nasdaq down 13.8 per cent and the S&P 500 off 4.9 per cent.

Retailers rallied after many of the stores reported surprisingly strong April sales.