Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise

Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise

Wall Street also digested lighter-than-expected economic data in the form of inflation and retail sales numbers.

A negative reaction to earnings news from Citigroup (C) and JPMorgan (JPM) also weighed on the markets, with both financial giants moving lower despite reporting better than expected third quarter earnings.

A separate report from the Labor Department showed consumer prices increased by slightly less than expected in the month of September.

The Nasdaq is up 1,220.43 points, or 22.7 percent.

The Standard & Poor's 500 index rose 2.24 points, or 0.1 percent, to 2,553.17.

"We're seeing a continuation of the strength in the market combined with low volatility".

"Also we're entering a seasonal period where it's hard to fight the tape".

Excluding food and energy prices, core producer prices still rose by 0.4 percent in September after inching up by 0.1 percent in August.

Higher gas prices contributed to the jump in retail sales, as sales by gasoline stations soared by 5.8 percent during the month. The Nasdaq also hit a record by rising 0.3 per cent, and the Dow Jones followed suit by going up 40 points. The Nasdaq composite rose 16.30 points, or 0.2%, to 6,603.55.

Bank of America (BAC.N), the second-biggest US bank by assets, rose 1.5 percent after the lender's profit topped estimates due to higher interest rates and a drop in costs.

Shares of Netflix advanced almost 2 percent before the bell.

Hostess Brands Inc sunk 11.09 percent on news that the Twinkee-maker's chief executive officer would retire.

The reports from the Wall Street banks kicked off the third-quarter earnings season, with investors hoping profit growth will help justify valuations after a rally that has sent the S&P 500 up about 14 per cent so far this year.

Considerable weakness also emerged among banking stocks, as reflected by the 1.2 percent drop by the Dow Jones Banks Index.

Centene sank 4.44 per cent, Molina Healthcare dropped 3.93 per cent and Anthem fell 4.42 per cent.

Advancing issues outnumbered decliners on the NYSE by 1,773 to 1,038. That compares with the 6.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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