Retail Sales Beat EStimates

The October retail sales numbers were just released, showing a gain of 0.3 percent, beating expectations of a 0.2 percent rise. 11 of the 13 components showed gains for October, highlighting the broad-based strength. Excluding autos and gasoline, retail sales rose 0.6 percent, compared to a consensus estimate of a 0.5 percent rise. Lower gasoline prices both helped and hurt retail sales, as lower gas prices were a drag for the gasoline component of the retail; sales number, but also gave consumers a lift in spending. The market firmed on the news, with the S&P 500 futures moving up 2.00 points following the release.