The stock market rose slightly Wednesday, but enough to lift the Dow Jones industrial average to its ninth consecutive gain, its longest winning streak in more than 16 years.

The Dow edged up 5.22 points, to 14,455.28, for another nominal record close since March 5, when it surpassed its previous high, set in 2007. The Dow is up 10.3 percent this year.

The Dow’s last nine-day winning streak occurred in May 1996. The following November, in the early days of the technology boom, it gained for 10 days straight.

This year, demand for stocks has been propelled by optimism that the housing market is recovering and that companies have started to hire. Strong company earnings and continuing stimulus from the Federal Reserve also are making stocks more attractive.

Stocks overcame an early loss on Wednesday, having edged lower at the start of trading despite an unexpectedly strong increase in consumer spending last month.

Americans spent at the fastest pace in five months in February, increasing retail spending 1.1 percent compared with January, the Commerce Department reported Wednesday. Economists had forecast a gain of 0.2 percent, according to FactSet.

The failure of the market to pick up directly after the report suggests that the bar has risen for investors as stocks have rallied.

“As the market rises, so do expectations,” said Bill Stone, chief investment strategist at PNC Wealth Management. “So, even if you get good numbers, you don’t necessarily get the market to go up.”

The Standard Poor’s 500-stock index rose 2.04 points, or 0.1 percent, to 1,554.52. The S. P. 500 has gained 9 percent this year and is less than 11 points from its record close of 1,565.15 in October 2007.

The Nasdaq composite index rose 2.80 points, or 0.1 percent, to 3,245.12. It remains well below its record close of more than 5,000, reached at the height of the dot-com boom in 2000.

Stocks of retailers rose after the retail sales report. Kohl’s jumped $1.49, or 3.2 percent, to $48.82 and Best Buy gained 67 cents, or 3.3 percent, to $20.96.

Brian Gendreau, a strategist at the Cetera Financial Group, said that even if markets dipped in coming weeks, the trend of rising company earningswas likely to push stocks higher in the longer term. Companies have reported 7.7 percent earnings growth for the fourth quarter, the third straight quarter of gains, S. P. Capital IQ said.

“Earnings growth has been quite strong. Corporations have found a way to make money,” Mr. Gendreau said. “New products, new markets, cost savings. I don’t believe that is going to stop any time soon.”

Among the stocks on the move, Spectrum Pharmaceuticals plunged $4.64, or 37 percent, to $7.79 after it said sales of its drug Fusilev could fall by more than half this year.

Netflix rose $10.25, or 5.6 percent, to $192.36 after it said that it was adding a feature that would allow subscribers in the United States to automatically swap movie and television show recommendations with their friends on Facebook.

Dole dropped $1.06, or 9 percent, to $10.67 after its fourth-quarter results fell short of analysts’ expectations. Dole cited lower banana prices in North America.

The clothing retailer Express fell 60 cents, or 3.2 percent, to $18.25 after its earnings report disappointed investors. Michael Weiss, the company’s chief and chairman, told analysts that customer traffic was “down noticeably” from last year.

In the bond market, interest rates showed little change. The price of the Treasury’s 10-year note slipped 1/32, to 99 26/32, leaving its yield unchanged at 2.02 percent.

Article source: http://www.nytimes.com/2013/03/14/business/economy/shares-slip-despite-economic-data.html?partner=rss&emc=rss