Stock Market Today: Stocks Close Up After Strong Retail Sales Data
A round of well-received earnings helped the Nasdaq outperform Wednesday.
- (opens in new tab)
- (opens in new tab)
- (opens in new tab)
- Newsletter sign up Newsletter

An unexpectedly strong retail sales report weighed on the major benchmarks in early trading Wednesday, though the three indexes flipped higher by the close. Investors also sifted through an onslaught of 13F filings released overnight, which included a surprisingly quick turnaround for one of Warren Buffett's portfolio picks.
While Tuesday's inflation data showed consumer prices moderated more slowly than expected in January, today's retail sales report suggested consumer spending was strong last month. Specifically, the Commerce Department (opens in new tab) said retail sales rose a seasonally adjusted 3% from December to January. Spending at bars and restaurants was 7.2% higher – the biggest monthly increase since March 2021 – while auto sales were up 5.9%. On an annual basis, retail sales jumped 6.4%.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The American consumer went on a shopping spree in January. The consumer still has money saved and will continue to spend it as long as the labor market remains robust," says Edward Moya, senior market strategist at currency data provider OANDA (opens in new tab). "The U.S. economy is looking like it will have a solid first quarter and recession doubts are getting some vindication here. The data-dependent Fed is seeing its case for more ongoing rate increases get bolstered after both inflation accelerated and as retail sales rebound sharply in January."
Meanwhile, following yesterday's release of fourth-quarter 13F filings, many investors were focused on which stocks Warren Buffett is buying and selling. Most notably, Berkshire Hathaway (BRK.B (opens in new tab)) – Buffett's holding company – drastically reduced its stake in Taiwan Semiconductor Manufacturing (TSM (opens in new tab)) in Q4 after initiating the position in the third quarter. This sent TSM down 5.3% today, dragging several semiconductor stocks like Advanced Micro Devices (AMD (opens in new tab), -0.9%) and Micron Technology (MU (opens in new tab), -0.4%) down with it.
As for the major indexes, the Nasdaq Composite closed up 0.9% at 12,070, the S&P 500 gained 0.3% to 4,147, and the Dow Jones Industrial Average added 0.1% to 34,128.
The best tech stocks to buy
The Nasdaq's outperformance today came courtesy of a few well-received earnings reports, namely vacation rental company Airbnb (ABNB (opens in new tab), +13.4%), video game firm Roblox (RBLX (opens in new tab), +26.4%) and AI lending stock Upstart (UPST (opens in new tab), +28.1%). But while today's price action extends a recent run higher from 2022's most beaten-down area of the market, uncertainty remains – especially following last week's surprisingly strong jobs report and this morning's impressive retail sales data.
"The resiliency of the consumer is another sign that areas of the economy remain robust even amid talks of a recession," says Mike Loewengart, head of model portfolio construction at Morgan Stanley. "Expect some volatility in the near-term as investors mull over the Fed's next steps and what, if anything, could lead it to cut rates in the calendar year."
Still, for investors looking to play the hot hand of the market, there are plenty of ideas, including those found among the best growth stocks and the best tech stocks to buy now.
With over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
-
Stock Market Today: Stocks Brush Off Deutsche Bank Troubles
Troubling financial sector headlines kept stocks lower for most of the day, but the major indexes pushed higher by the close.
By Karee Venema • Published
-
IRS Extends Tax Deadline for Some New Yorkers
Some taxpayers in New York now have more time to file their federal tax returns since the IRS extended the tax deadline.
By Kelley R. Taylor • Published
-
Stock Market Today: Stocks Brush Off Deutsche Bank Troubles
Troubling financial sector headlines kept stocks lower for most of the day, but the major indexes pushed higher by the close.
By Karee Venema • Published
-
Stock Market Today: Stocks Close Higher in Volatile Session
The major indexes spent most of Thursday in rally mode, but selling pressure emerged in afternoon trading.
By Karee Venema • Published
-
If You'd Put $1,000 Into Amazon Stock 20 Years Ago, Here's What You'd Have Today
Amazon AMZN stock has lost almost $900 billion in value since its all-time high, but bulls say it's only a matter of time before it reclaims its heights.
By Dan Burrows • Published
-
Stock Market Today: Stocks Sink After Latest Fed Rate Hike
The major indexes sold off sharply Wednesday even amid signs the Fed's rate-hike campaign could be nearing an end.
By Karee Venema • Published
-
Stock Market Today: Markets Up Again as Bank, Energy Stocks Outperform
The major indexes closed higher for a second straight day ahead of tomorrow's highly anticipated Fed decision.
By Karee Venema • Published
-
Stock Market Today: Stocks Rise Ahead of Fed
Bank headlines dominated another choppy day of trading on Wall Street.
By Karee Venema • Published
-
Stock Market Today: Stocks Fall After First Republic Bank Suspends Dividend
The embattled lender's dividend cut was just the latest sign of instability in the banking industry.
By Karee Venema • Published
-
Stock Market Today: Stocks Rally on Credit Suisse, First Republic Bank Rescue News
Reports that major U.S. banks would step in to help First Republic Bank helped stocks swing higher Thursday.
By Karee Venema • Published