(CNBC) — Stocks ticked higher Wednesday as traders mulled what strong retail sales along with the latest U.S. inflation data mean for the Federal Reserve’s interest rate hiking campaign.
The Dow Jones Industrial Average gained 38.78 points, or 0.11%, rallying more than 250 points from its intraday low to close at 34,128.05. The S&P 500 ticked up 0.25% to 4,147.60, lifted by shares of SolarEdge and Generac, which gained 9.05% and 8%, respectively. The Nasdaq Composite rose 0.92% to 12,070.59, boosted by shares of Airbnb, which surged 13.35% after beating earnings expectations. Gains in Tesla, Rivian and Lucid also helped lead the tech-heavy index higher.
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Stocks slipped earlier in the day when a report showed January retail sales rose 3%, while economists polled by Dow Jones anticipated a 1.9% increase. The number signals that the U.S. economy is holding up despite increased rate hikes by the Federal Reserve to tame inflation.
