Stocks Gained on Strong Retail Sales

U.S. stocks rose on Thursday after data on retail sales and jobs bolstered confidence in the strength of the economy. The Dow Jones Industrial Average gained 38.97 points, or 0.22%, to 18,039.37. The S&P 500 rose 3.66 points, or 0.17%, to 2,108.86. The Nasdaq Composite added 5.82 points, or 0.11%, to 5,082.51.

U.S. retail sales rose 1.2 percent in May after an upwardly revised 0.2 percent gain in April, the Commerce Department said, as households boosted purchases of automobiles and other goods.

The net worth of U.S. households rose in the first quarter due to the rising value of homes and investments, a positive sign for the outlook for consumer spending. The increase added $1.6 trillion to the total wealth of American families, putting it at a new record high of $84.9 trillion, a report by the Federal Reserve showed on
Thursday.

Activist investor Elliott Management Corp said cloud-computing software maker Citrix Systems Inc should sell some units, cut costs and buy back shares to make up for six years of underperformance. Elliott, whose 7.1 percent stake makes it one of the top five shareholders of the company, said Citrix’s shares had the potential to reach $90-$100 by the end of 2016.