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- US stocks were mostly higher on Wednesday after strong January retail sales data.
- Stocks initially sold off as investors interpreted the strong retail sales to mean higher interest rates for longer.
- Retail sales surged 3% in January, representing the highest growth since March 2021.
US stocks reversed early morning losses and climbed to end higher on Wednesday after a hotter-than-expected retail sales report suggested to investors that interest rates might stay higher for longer.
Retail sales in January surged 3%, which was well above economist estimates of 1.8% and represented the biggest monthly gain for retail sales since March 2021.