Dow Jones Climbs as Gas Prices Boost Retail Sales to Three-Year High

The Dow Jones (DJIA) is set to open Tuesday on higher ground following a retail sales update from the U.S. Census Bureau.

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U.S. retail sales rose 1.7% in March, above the estimate of 1.4% and improving from 0.7% in February. It also marked the highest rate of growth since January 2023. Core retail sales, which exclude categories like autos and gas, rose 1.9%, topping the estimate of 1.4% and rising from 0.5% in the prior month

Gas Prices and Tax Refunds Drive Spending Growth

The data isn’t adjusted for inflation and was driven higher by a 24.1% spike in retail gasoline prices, according to the U.S. Energy Information Administration. That could pressure spending in other areas, as a larger allocation of household budgets is spent on transportation costs. Consumer spending accounts for roughly two-thirds of gross domestic product (GDP), meaning that any decline could slow overall economic growth significantly.

Tax refunds also helped boost consumer spending, with the average tax refund for the 2026 filing season rising to $3,521 from $3,170 a year ago, according to the IRS.