REUTERS/Shannon Stapleton
- US stocks gained on a strong earnings season for among lenders.
- Earnings reports from Bank of America and Morgan Stanley beat expectations.
- But retail sales and industrial production fell short of hopes, signaling a consumer spending shift.
US stocks climbed on Tuesday on strong bank earnings and as investors get ready for another wave of big reports to come on Wednesday.
Retail sales and industrial production fell short of estimates to start the day on Tuesday. Retail rose by 0.2% in June, where estimates expected a 0.5% climb. At the same time, the Federal Reserve's measure of industrial production declined for a second month, dropping by 0.5%. Manufacturing output dropped 0.3%, the sharpest decline in three months.