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US Stocks Close Higher on Strong Retail Sales

Despite higher prices, consumers are still spending.

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US stocks got a jolt this week after retail sales increased in October, indicating strong consumer health and signaling a promising holiday season, Reuters reports.

“The outlook is one where prices are rising but consumer spending is still strong and it looks like the supply chains are stressed but still we’re able to get goods on the shelves,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.

On Nov. 16, shares of DIY retailer Home Depot (Atlanta) rose 5.73 percent to close at a record high. The retailer also saw its biggest one-day percentage increase since April 2020 after besting quarterly estimates by almost $2 billion. Walmart also raised its annual sales and profit forecasts.

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