U.S. retail sales fell sharply in February, confirming worries that hard-pressed households have begun to scale back amid tightening credit and a decline in home values, the Commerce Department reported this morning.

NEW YORK -- Wall Street moved sharply higher Wednesday after the Commerce Department reported an unexpected increase in retail sales last month and eased some concerns about consumers' willingness to spend despite economic uncertainty. The Dow Jones industrials rose nearly 150 points.

Sales of new homes nationwide fell 9 percent in November overall - except in the West where they rose 4 percent, according to a report from the Commerce Department released this morning.