Stocks Opened Higher after Retail Sales Data

U.S. stocks opened higher on Wednesday following a report on monthly retail sales that came in weaker than expected. The Dow Jones Industrial Average lately gained 59.02 points, or 0.33%, to 18,127.25. The S&P 500 added 10.75 points, or 0.51%, to 2,109.87. The Nasdaq Composite was up 34.47 points, or 0.69%, to 5,010.66.

Retail sales were flat in April despite milder weather, raising doubts about whether consumers will support a pickup in economic growth this year. In April, sales rose 08% at sporting good and health and personal care stores, 0.3% at building materials stores and 0.8% at online retailers.But motor vehicles sales fell 0.4%. Sales also slipped 0.9% at furniture stores, 2.2% at department stores and 0.4% at electronics stores.

Macy’s Inc reported a lower-than-expected quarterly profit due to a strong dollar that hurt foreign tourist spending in the United States. The department store operator’s net income fell to $193 million, or 56 cents per share, in the first quarter ended May 2 from $224 million, or 60 cents per share, a year earlier.Net sales fell 0.7 percent to $6.23 billion.

Danaher Corp said it would buy air and water-filter maker Pall Corp for about $13.8 billion including debt and then split into two public companies. The company retaining the Danaher name will comprise Pall Corp as well as Danaher’s existing life sciences and diagnostics, dental, water quality and product identification businesses.

DuPont Co. investors rejected investor Nelson Peltz’s attempt to get on the chemical maker’s board, the first failure for an activist campaign mounted by his firm Trian Fund Management since it was founded a decade ago.

The Bank of England cut its growth forecasts for the U.K. economy on Wednesday, but signaled it remains on course to lift its benchmark interest rate from its historic low in the middle of next year.