(Newsroom America) -- Retail sales for July were strong, according to government figures released Tuesday, fueling gains on Wall Street as investors reacting positively to the news.
The Commerce Department said retail sales posted a strong 0.8 percent gain in July over June, the largest increase since February and higher than the 0.3 percent average forecast by many economists.
On Wall Street, meanwhile, the Dow Jones Industrial Average rose 52.5 points, or 0.4 percent, to 13222, the S&P 500 gained 5.6 points, or 0.4 percent, to 1409 and the Nasdaq Composite climbed 10.8 points, or 0.36 percent, to 3033, by mid-morning.
Not all of the economic data was positive. A separate Labor Department report showed wholesale inflation heating up 0.3 percent in July. Excluding volatile food and energy elements, prices rose 0.4 percent, above economists' expectations of a 0.2 percent increase.
Data due out later in the morning are expected to show business inventories growing by 0.2 percent in June over May. Inventories provide a glimpse into whether businesses expect demand to ramp up or down.
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