Mon, 06 Dec 2021

NEW YORK, Oct. 15 (Xinhua) -- U.S. stocks rose on Friday morning, boosted by strong earnings' reports and an unexpected increase of the nation's retail sales.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 218.42 points, or 0.63 percent, to 35,130.98. The S&P 500 added 20.58 points, or 0.46 percent, to 4,458.84. The Nasdaq Composite Index climbed 43.54 points, or 0.29 percent, to 14,866.97.

All the 11 primary S&P 500 sectors advanced in morning trading, with energy and financials up 1.3 percent and one percent respectively, leading the gains.

Goldman Sachs posted third-quarter results on Friday that exceeded analysts' expectations, sending the stock up more than one percent.

Other financial giants including JPMorgan, Bank of America, Morgan Stanley and Citigroup also reported better-than-anticipated earnings earlier this week.

On the economic front, U.S. retail sales climbed 0.7 percent in September after a 0.9-percent gain in August, the Department of Commerce reported on Friday. Economists polled by Dow Jones were expecting a 0.2-percent decline.

"September data was lifted by high inflation and fear of COVID shifting demand from services to goods," Will Compernolle, senior economist at FHN Financial, said Friday in a note.

"The personal spending report in two weeks will tell us how much that inflation and demand shift distorted the actual strength of consumer spending in September," Compernolle added.

On Thursday, U.S. stocks surged with the Dow closing up more than 500 points.

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