By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks rose on Friday following upbeat economic data and gains in technology shares, pushing the Dow and the S&P 500 to a fifth straight week of gains.
Data showed U.S. retail sales jumped in September, and the University of Michigan's consumer sentiment index hit its highest since January 2004.
Another report showed consumer prices recorded their biggest increase in eight months as hurricanes Harvey and Irma boosted demand but underlying inflation remained muted.
"We're seeing a continuation of the strength in the market combined with low volatility. There seems to be money searching for stocks and looking for investments, simply because the momentum is still positive," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
"Also we're entering a seasonal period where it's difficult to fight the tape. So I imagine there's cash coming in off the sidelines."
The CBOE volatility index <.VIX> remains at historically depressed levels, closing at 9.61 on Friday.
The Dow Jones Industrial Average <.DJI> rose 30.71 points, or 0.13 percent, to end at 22,871.72, and the S&P 500 <.SPX> gained 2.24 points, or 0.09 percent, to 2,553.17.
The Nasdaq Composite <.IXIC> added 14.29 points, or 0.22 percent, to 6,605.80, a record closing high.
For the week, the Dow was up 0.4 percent and the S&P 500 was up 0.2 percent. The Nasdaq rose 0.2 percent for the week, registering a third week of gains.
Bank of America
But Wells Fargo
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 percent so far this year.
Also limiting the day's gains, the healthcare sector <.SPXHC> was down 0.3 percent as health insurers and hospital operators tumbled on news that President Donald Trump scrapped billions of dollars in Obamacare subsidies to private insurers for low-income Americans.
Advancing issues outnumbered declining ones on the NYSE by a 1.43-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favoured decliners.
(Reporting by Caroline Valetkevitch in New York; Editing by James Dalgleish)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)