Wall Street traded slightly higher on August 13 despite worse-than-expected economic data.
The U.S. Commerce Department posted that sales at U.S. retailers unexpectedly fell in July as a boost from the cash-for-clunkers automobile incentive program failed to overcome cuts in other spending. The 0.1 percent decrease in sales, the first drop in three months, followed a revised 0.8 percent gain in June.
Meanwhile, the Labor Department said the number of Americans filing first-time claims for jobless benefits unexpectedly rose last week, while the number of people on unemployment rolls dropped to the lowest since April, signaling the labor market may be stabilizing as the recession eases.
However, financials led the big board higher, after billionaire John Paulson's hedge fund bought shares in banks. Bank of America rose 6.7 percent.
Wal-Mart Stores Inc. rose 2.7 percent after the world's largest retailer reported better-than-expected second quarter earnings. Wal-Mart also raised the low end of its profit guidance.
The Dow Jones industrial average rose 36.58, or 0.4 percent, to9,398.19. The Standard & Poor's 500 index rose 6.92, or 0.7 percent, to 1,012.73, while the Nasdaq composite index rose 10.63,or 0.5 percent, to 2,009.35.
