US stocks extend gains as central banks hold rates steady

Wall Street stocks advanced early Thursday, adding to the Dow's record, following solid US data and as central banks in Europe and Britain held interest rates steady.

Retail sales in the United States rose unexpectedly in November, with consumer spending holding up despite higher interest rates.

Meanwhile, the European Central Bank and Bank of England both kept interest rates unchanged, following the US Federal Reserve's move Wednesday to hold rates steady also while inflation recedes.

Analysts rated the Fed's announcement as "dovish" after Chair Jerome Powell signaled plans to cut rates in 2024.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 37,149.42.

The broad-based S&P 500 gained 0.6 percent to 4,733.14, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 14,837.93.