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Stocks climbed Thursday as strong April retail sales and a steep drop in oil prices alleviated investors' worries about a greater-than-forecast jump in labor costs.

The day's headlines brightened the economic picture, with retailers reporting their best monthly sales in two years as consumers spent freely despite the recent spike in gasoline prices.

While the Labor Department said U.S. worker productivity rebounded in the first quarter, a sharp rise in wage costs stoked concerns about inflation as the market continued speculating the potential for more interest rate hikes from the Federal Reserve.

William Hummer, chief economist for Wayne Hummer Investments, said he was not surprised by the higher labor ...

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