US stocks Thursday ended higher, shrugging off some disappointing retail sales and jobless claims data.
At the closing bell, the Dow Jones Industrial Average rose 62.94 points (0.39 percent) to 16,026.88.
The broad-based S&P 500 tacked on 10.47 (0.58 percent) to 1,829.74, while the tech-rich Nasdaq Composite Index jumped 39.38 (0.94 percent) to 4,240.67.
Stocks opened lower, but stayed positive following a late-morning rise after some lackluster data.
US retail sales unexpectedly fell 0.4 percent in January in the second straight monthly decline, according to the Commerce Department.
The Labor Department reported weekly first-time claims for unemployment insurance rose to 339,000 from 331,000 the previous week, slightly more than expected but in line with the longer-term trend.
Michael James, managing director of equity trading at Wedbush Securities, said investors saw the data as "primarily weather-related" after a streak of severe winter weather has depressed activity.
Investors viewed a recent pullback in stocks as "a decent opportunity to put some money to work," said James.
But Brent Schutte, a market strategist at BMO Global Asset Management, attributed the rally in stocks to a bet that the US Federal Reserve will maintain stimulus longer.
"It appears that the market believes the Fed is going to stay around longer," Schutte said.
US stocks Thursday ended higher, shrugging off some disappointing retail sales and jobless claims data.
At the closing bell, the Dow Jones Industrial Average rose 62.94 points (0.39 percent) to 16,026.88.
The broad-based S&P 500 tacked on 10.47 (0.58 percent) to 1,829.74, while the tech-rich Nasdaq Composite Index jumped 39.38 (0.94 percent) to 4,240.67.
Stocks opened lower, but stayed positive following a late-morning rise after some lackluster data.
US retail sales unexpectedly fell 0.4 percent in January in the second straight monthly decline, according to the Commerce Department.
The Labor Department reported weekly first-time claims for unemployment insurance rose to 339,000 from 331,000 the previous week, slightly more than expected but in line with the longer-term trend.
Michael James, managing director of equity trading at Wedbush Securities, said investors saw the data as “primarily weather-related” after a streak of severe winter weather has depressed activity.
Investors viewed a recent pullback in stocks as “a decent opportunity to put some money to work,” said James.
But Brent Schutte, a market strategist at BMO Global Asset Management, attributed the rally in stocks to a bet that the US Federal Reserve will maintain stimulus longer.
“It appears that the market believes the Fed is going to stay around longer,” Schutte said.
