10:20 am
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Stocks rallied on Thursday after three days of losses as stronger-than-expected economic data helped reassure investors concerned about the expected winding down of the Federal Reserve's economic stimulus.
Despite the rally, the S&P 500 failed to hold significantly above resistance at its 14-day moving average of 1,636.26. Support kicked in earlier in the day after the index traded below its 50-day average and again near 1,600.
Before the market opened, government data showed retail sales rose more than expected in May and first-time applications for jobless benefits fell last week, suggesting resilience in the US economy.
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