NEW YORK—Stocks ticked higher on Wall Street Wednesday as hopes for a resilient economy jousted with worries about inflation following a much stronger reading than expected on U.S. retail sales.
The S&P 500 rose 0.3 percent after swinging from early losses to gains through the day. The Dow Jones Industrial Averaged edged up by 38 points, or 0.1 percent, while the Nasdaq composite rose a more forceful 0.9 percent.
Sales at U.S. retailers jumped by more last month than expected, even as shoppers contended with higher interest rates on credit cards and other loans. The surprising strength offers hope that the most important part of the U.S. economy, consumer spending, can stay afloat despite worries about a possible recession looming. It’s the latest piece of data to show the economy remains more resilient than feared….