By NBC News wire reports
Updated at 11:05 a.m. ET: Stocks moved higher Tuesday after stronger-than-expected retail sales data suggested a return of consumer spending could spur economic growth.
The data showed retail sales rose 0.8 percent in July, the first rise in four months and biggest since February. Economists polled by Reuters had expected retail a 0.3 percent increase.
"The retail sales is good, and it just continues the trend right now for the S&P to go higher," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.
"It keeps us going for now. I didn't see anything here that said sell your longs or get out; if anything, it said buy."
Home Depot shares gained after the world's largest home improvement chain reported a higher-than-expected quarterly profit and kept a tight lid on costs to offset weakness in sales.
Separately, producer prices rose in July at the fastest pace in five months on higher costs for light trucks, pharmaceutical drugs and cigarettes, although falling energy prices pointed to muted inflation pressures.
Data showed gross domestic product in the euro zone shrank by 0.2 percent in the second quarter from the previous three months and contracted by 0.4 percent compared with a year earlier in line with expectations. Earlier data showed Germany had modest economic growth in the second quarter while France stagnated.
The euro zone data straddled the line of keeping intact expectations for stimulus by central banks in September without unnerving investors.
European stocks rose, reversing the previous session's dip and resuming a three-week rise after the growth figures.
Michael Kors Holdings jumped after the apparel company reported higher-than-expected quarterly profit and raised its full-year profit forecast.
Estee Lauder rose after the cosmetics and fragrance maker reported a higher-than-expected quarterly profit and forecast more sales growth this year.
Groupon tumbled after the world's largest online daily deals provider missed quarterly revenue expectations and gave a cautious profit outlook.
Discount retailer TJX, owner of the Marshalls and T.J. Maxx chains, raised its full-year profit forecast on a rise in its second-quarter sales, fueled by shoppers seeking inexpensive designer products.
According to Thomson Reuters data through Monday morning, of the 454 companies in the S&P 500 that have reported earnings, 68 percent have topped analyst expectations, matching the average beat rate over the past four quarters.
Reuters contributed to this report.
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