The S&P 500 and Nasdaq shook off recent pressure to move higher on Tuesday as rising crude oil prices gave the energy sector a big boost.
The S&P 500 was up 0.35%, the Dow Jones Industrial Average fell 0.12%, and the Nasdaq gained 1%.
Crude oil prices rebounded on Tuesday after days of pressure. Prices have been lower as investors remained concerned over a global supply glut. The Organization of Petroleum Exporting Countries will meet in Vienna later this month, though expectations of a production freeze agreement are mixed.
West Texas Intermediate crude was up 4% to $45.07 a barrel on Tuesday.
The energy sector was the best performer on Wall Street. Major oil producers including Exxon Mobil (XOM) , Chevron (CVX) , Royal Dutch Shell (RDS.A) and BP (BP) moved higher, while the Energy Select Sector SPDR ETF (XLE) rose 2.6%.
Retail sales climbed at a faster-than-expected pace in October as consumer appetite continued to drive the bulk of economic improvement. Retail sales last month rose by 0.8%, higher than 0.6% in September and a 0.6% growth rate analysts anticipated. Excluding gas and autos, sales increased 0.6%, double consensus estimates.
"This report exceeded expectations on all fronts and will present the data-dependent [Federal Reserve] with additional evidence to go forward with a hike in December," Robert Both, macro strategist at TD Securities, wrote in a note. "However, with markets already attaching a greater-than 90% probability of a December rate hike, this report will do little to strengthen expectations further."