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U.S. stocks rally on upbeat earnings

Xinhua, October 15, 2016 Adjust font size:

U.S. stocks traded higher in the morning session Friday, as investors cheered over upbeat earnings reports amid economic data.

By midday, the Dow Jones Industrial Average added 71.08 points, or 0.39 percent, to 18,170.02. The S&P 500 rose 3.39 points, or 0.16 percent, to 2,135.94. The Nasdaq Composite Index was up 7.03 points, or 0.13 percent, to 5,220.37.

Before Friday's opening bell, Citigroup Inc. reported a net income of 3.8 billion U.S. dollars, or 1.24 dollars per share, for the third quarter of 2016, compared with 4.3 billion dollars, or 1.35 dollars per share, in the same quarter the year before.

Shares of the New York-based bank rose nearly 1 percent around midday Friday following the release of the company's better-than-expected quarterly results.

Shares of JPMorgan Chase & Co. traded mildly lower around midday Friday despite the company delivered quarterly results that beat market expectations.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the third quarter of 2016 are expected to decline 0.4 percent year on year, while the revenues are forecast to increase 2.4 percent.

On the economic front, the Producer Price Index (PPI) for final demand rose 0.3 percent in September, seasonally adjusted, beating market consensus, the U.S. Labor Department reported Friday.

Meanwhile, the U.S. Commerce Department announced Friday that advance estimates of U.S. retail and food services sales for September increased 0.6 percent from the previous month to 459.8 billion dollars, on par with market estimates.

On Thursday, U.S. stocks trimmed part of earlier losses to end mildly lower, as Wall Street continued to digest the Federal Reserve's minutes from its September meeting. Enditem