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Wall Street drifts higher ahead of big week for retailers

Wall Street is drifting higher Monday ahead of a week of reports showing how strong U.S. shoppers remain, amid hopes their spending can keep the economy out of a recession.

The S&P 500 was up 0.5% in afternoon trading after flipping an early loss. The Dow Jones Industrial Average was up 7 points, or less than 0.1%, at 35,290, as of 1:19 p.m. Eastern time, and the Nasdaq composite was 0.8% higher.

U.S. Steel jumped to one of the market’s bigger gains, up 33%. It said over the weekend that it rejected a buyout offer from Cleveland-Cliffs and that it’s heard multiple offers.

On the losing end of Wall Street was Nikola, which sank 6.7%. The zero-emission truck company recalled more than 200 of its electric vehicles after an investigation indicated a problem with a component in the battery pack could be the cause of a prior fire. It earlier suggested foul play could be at play in the truck fire at its headquarters.

Please select this link to read the complete article from The Associated Press.

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