NEW YORK (AP) -- Stocks mostly rose Friday afterwards a address on retail sales adumbrated consumers are acrimonious up their spending.The Commerce Department said retail sales rose 1.3 percent in November, added than bifold the access analysts had accepted and added good than the 1.1 percent acceleration in October.
The address additional hopes that consumers are starting to feel added adequate aperture up their wallets afterwards months of architecture up their savings. A accretion in customer spending, a above basic of U.S. bread-and-butter activity, is apparent as one of the key elements to abiding growth.
A separate report showing an increase in consumer confidence signaled that spending could continue to rise. The preliminary Reuters/University of Michigan consumer sentiment index increased more than expected in December.
In another positive sign, the Commerce Department reported a 0.2 percent gain in business inventories in October, breaking a 13-month streak of declines. That's a signal of confidence from businesses that consumers will step up their purchases.
Outside the U.S., news that China's exports improved last month provided more evidence of recovery in the global economy. Chinese exports posted their smallest drop in exports in a year last month, just 1.2 percent, following a 13.8 percent plunge in October. Retail sales and industrial production grew.
"We're going from the first global recession in 70 years to a tepid, but very real global growth story," said Stephen Wood, chief market strategist at Russell Investments.
In late morning trading, the Dow Jones industrial average rose 33.40, or 0.3 percent, to 10,439.23. The Standard & Poor's 500 index gained 1.66, or 0.2 percent, to 1,104.01, while the Nasdaq composite index fell 2.94, or 0.1 percent, to 2,187.92.
Treasury prices fell following the encouraging economic data, pushing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.58 percent from 3.50 percent late Thursday.
The gains in stocks came even as the dollar rose.
The ICE Futures US dollar index, which measures the dollar against other currencies, reversed an early slide and rose 0.9 percent. Gold pared its gains, while oil prices slumped for an eighth day, falling 91 cents to $69.63 a barrel on the New York Mercantile Exchange.
For months, stocks and commodities have moved in the opposite direction of the dollar. The dollar has been falling for much of this year as low interest rates make other assets like stocks and commodities more attractive. A weaker dollar makes commodities cheaper for foreign buyers and helps boost the profits at companies that do business overseas.
However, signs of improvement in the economy have recently brought expectations that the Federal Reserve will raise interest rates sooner than later. That would boost the dollar and potentially hurt stocks as investors look for better returns elsewhere.
After a stronger dollar sent the Dow Jones industrial average down 104 points on Tuesday, the Dow has gained 120 points in two days.
On Friday, two stocks rose for every one that fell on the New York Stock Exchange, where volume was relatively low at 311.9 million shares versus 333 million shares traded at the same point Thursday.
The Russell 2000 index of smaller companies rose 2.18, or 0.4 percent, to 597.56.
In afternoon trading in Europe, Britain's FTSE 100 rose 0.8 percent, Germany's DAX index gained 1.1 percent, and France's CAC-40 rose 0.5 percent. Japan's Nikkei stock average soared 2.5 percent.
