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U.S. Stocks Rise After Strong Retail Sales as Tech Leads Latest Rally

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By Liz Moyer

Investing.com -- U.S. stocks rose on Tuesday in the latest attempt at a rally after strong retail sales data for April.

Technology led the charge higher. At 10:46 AM ET, the Dow Jones Industrial Average rose 103 points or 0.3%, while the S&P 500 rose 0.7% and the NASDAQ Composite jumped 0.8%.

Consumers kept spending in April despite high inflation and the looming prospect of an economic slowdown. Retail sales rose 0.9% from March, and March's data were revised up to show a gain of 1.4% from February. That is double the 0.7% initially reported.

The annual rate of retail sales rose 8.2%.

Home Depot Inc (NYSE:HD) stock rose nearly 4% after the home improvement retailer raised its full-year sales forecast on solid demand for tools and building materials. But Walmart Inc (NYSE:WMT) shares fell 8.8% after it missed expectations on rising fuel costs and higher inventory levels.

United Airlines Holdings Inc (NASDAQ:UAL) rose 5% after it raised its revenue forecast for the current quarter. Shares of other airlines, including Delta Air Lines Inc (NYSE:DAL) and American Airlines Group (NASDAQ:AAL), also rose.

Oil inched higher. Crude Oil WTI Futures rose 0.6%, to $112.50 a barrel, while Brent Oil Futures crude rose 0.5%, to $114.81 a barrel. Gold Futures rose 0.6% to $1,825.

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