NEW YORK—Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse.

The Commerce Department’s latest report showed that retail sales fell by 0.2 percent in April, as expected. The data did show better-than-expected sales if automobiles are excluded, but indicated Americans are reluctant to make big-ticket purchases—especially as soaring fuel prices cut into demand.

Oil prices, meanwhile, spiked to a trading rec...