U.S. stocks open sharply higher after stronger-than-expected retail sales report

U.S. stocks opened sharply higher Friday after a retail sales report showed consumer spending in June rose more than expected amid high inflation. The Dow Jones Industrial Average DJIA, +2.15% was up 1.5% soon after the opening bell, while the S&P 500 SPX, +1.92% rose 1.3% and the Nasdaq Composite COMP, +1.79% gained 1.2%, according to FactSet data, at last check. U.S. retail sales in June rose 1% from the previous month, the U.S. Census Bureau said Friday. Economists polled by the Wall Street Journal had forecast a 0.9% increase in June retail sales.