Stocks move higher on stronger economic reports
NEW YORK (AP) – Upbeat reports on retail sales and business inventories are driving stocks higher. Bond yields are rising.
Stock indexes moved higher after the Commerce Department reported that retail sales rose for the fifth straight month in November. The biggest jump in department store sales in two years gave the holiday shopping season a strong start.
The government also said inventories held by U.S. businesses rose for a 10th consecutive month in October.
At midday, the Dow Jones industrial average is up 67, or 0.6 percent, to 11,495. The S&P 500 is up 5, or 0.4 percent, to 1,245. The Nasdaq composite index is up 10, or 0.4 percent, at 2,629.
The yield on the 10-year Treasury note rose to 3.39 percent, its highest level since May.