U.S. stocks rebound after 5-day losing streak

U.S. stocks posted modest gains midday Friday after five consecutive sessions of losses, as investors were digesting the quarterly earnings and mixed economic data.

At noon, the Dow Jones Industrial Average rose 49.67 points, or 0.29 percent, to 17,370.38. The S&P 500 climbed 10.44 points, or 0. 52 percent, to 2,003.11. The Nasdaq Composite Index increased 24. 06 points, or 0.53 percent, to 4,594.89.

Before the opening bell, the Goldman Sachs Group, Inc. reported fourth-quarter net revenues of 7.69 billion U.S. dollars, down from 8.78 billion dollars a year ago. Net earnings for the fourth quarter were 2.17 billion dollars, or 4.38 dollars per diluted common share, both lower than the year-ago period. Goldman Sachs Group shares fell 1.27 percent around midday.

On the economic front, the Consumer Price Index for All Urban Consumers declined 0.4 percent in December on a seasonally adjusted basis, led by plunging gasoline prices, the U.S. Labor Department said.

Investors hoped that a lack of inflationary pressure could make the Federal Reserve stick to its patient stance in normalizing monetary policy.

Moreover, U.S. industrial production decreased 0.1 percent in December after rising 1.3 percent in November, the Fed reported.

However, U.S. consumer sentiment came in upbeat thanks to lower crude prices. The Thomson Reuters/University of Michigan's preliminary January reading of consumer sentiment index surged to 98.2, the highest level since January 2004, well above market consensus of 94.0.

On the previous day, U.S. stocks dropped, with the S&P 500 closing below the round-number mark of 2,000 points for the first time in a month, weighed by disappointing banks' earnings, negative retail sales, sliding oil prices and the Swiss National Bank's surprise move to scrap the cap of Swiss franc against the euro. Endite