NEW YORK ? Technology stocks led a late afternoon rally on Wall Street Tuesday. The Dow Jones industrial average rose nearly 80 points, led by Hewlett-Packard Co. and Intel Corp.
The Dow had been down for much of the day as investors balanced new worries about Europe's financial crisis against hopeful signs for the U.S. economy.
Americans spent more on autos, electronics and building supplies in October, raising retail sales for a fifth straight month. Sales increased 0.5 percent from the previous month, a faster rate than economists expected.
In Europe, higher interest rates on government debt issued by Italy, Spain and other countries rattled stock markets. The market rate for Italy's 10-year bond jumped back above 7 percent. When rates crossed the 7 percent threshold last week, it raised worries about the country's ability to manage its debts. Greece, Ireland and Portugal were forced to seek financial lifelines when their borrowing rates crossed the same mark.
The retail sales report helped the U.S. stock market "show a certain degree of resilience in the wake of the negative headlines out of Europe," said Todd Salamone, director of research at Schaeffer's Investment Research.
The Dow was up 74 points, or 0.6 percent, to 12,151 as of 3:30 p.m. Eastern. The S&P 500 rose 11, or 0.9 percent, to 1,262. The Nasdaq composite gained 35, or 1.3 percent, to 2,692.
Traders remained cautious. The prices of assets investors use as havens from market turmoil, like U.S. government debt and gold, held steady. The yield on the 10-year Treasury edged up to 2.06 percent from 2.04 percent late Monday. Bond yields rise when their prices fall. Gold rose $3.80 to $1,782.20 an ounce.
In corporate news, sales at Staples Inc. fell short of analysts' expectations, and the company also cut its earnings forecast for the year. Its stock dropped 5.5 percent, the most in the S&P 500 index.
Department store chain Saks Inc. rose 2 percent after reporting stronger sales. Dell Inc. reports quarterly results after the market closes.
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