U.S. stocks rise amid positive data

U.S. stocks closed higher on Tuesday as positive U.S. economic data helped stimulate optimism, despite the concerns about the eurozone debt crisis lingered. The yield of Italy's 10-year government bonds against climbed back to above 7 percent, a level widely regarded as unsustainable and raised concerns that the country might need a bailout. Despite 0.5 percent economic expansion in eurozone in the third quarter, the investors were still concerned that the region might dip into recession given severe debt problems in many eurozone countries. However, positive economic data from the U.S. helped lift the market. The U.S. Commerce Department said sales at U.S retailers increased a seasonally adjusted 0.5 percent in October, following a strong 1.1 percent surge in September. The Labor Department said its producer price index fell 0.3 percent in October after rising 0.8 percent in September, suggesting that the inflation pressure eased. Separately, the New York Federal Reserve Bank reported the Empire State index rose to 0.6 in November from negative 8.5 in October, showing that manufacturing activities picked up momentum. The Dow Jones industrial average gained 17.18 points, or 0.14 percent, to 12,096.16. The Standard & Poor's 500 rose 6.03 points, or 0.48 percent, to 1,257.81. The Nasdaq Composite Index advanced 28.98 points, or 1.09 percent, to 2,686.20.