Stocks rebounding

NEW YORK (AP) — Stocks are opening higher on Wall Street as the market turns positive after its worst day in two months.

Time Warner Cable rose 2 percent after the company rejected a takeover offer from Charter Communications.

The market has gotten off to a weak start this year. The Dow has only risen twice in 2014 and is down 1.8 percent for the year.
In other economic news:

A major retail trade group says holiday sales rose 3.8.percent, just below the group's 3.9 percent forecast. The National Retail Federation said Tuesday that retail sales for November and December combined totaled $601.8 billion, according to the federation's analysis of government data. The 2013 figure is higher than last year's 3.5 percent pace. But sales came at the expense of profits as stores had to discount early and often to get shoppers to buy in an economy that is still challenging for many Americans. In fact, last week, a slew of major retailers including American Eagle Outfitters, and Pier 1 Imports slashed their profit forecasts. The figures include online sales.
Americans spent more on clothing and online in December. But they cut back almost everywhere else to end the holiday shopping season on a lackluster note.

The Commerce Department says retail sales rose just 0.2 percent last month. That follows strong gains in October and November, helped by healthy auto sales.

In December, auto sales fell 1.8 percent. That offset a similar increase at gas stations, largely driven by rising prices. Excluding volatile spending on autos, gas and building supplies, retail sales rose a solid 0.7 percent. However, traditional holiday spending was disappointing. Americans spent less on furniture and electronics. And sales at department stores fell 0.7 percent in December — and 3.3 percent for the year. In 2013, retail sales rose 4.2 percent, the weakest in four years.