ALSO READEnergy stocks helps Wall Street rein in losses; consumer shares weigh Energy stocks help Wall Street rein in losses; consumer shares weigh Wall Street falls as Apple drags tech shares lower Wall Street ends flat as earnings gains offset energy shares tumble Wall Street ends down as energy, retail shares fall
By Sruthi Shankar
The market received a boost earlier in the day after data showed U.S. retail sales surged by the most in 2-1/2 years in September. Also, the University of Michigan's consumer sentiment index hit its highest since January 2004.
Shares of big banks were mixed following reports from Bank of America and Wells Fargo.
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.
"Its a risk-on day. You see technology and Internet-related stocks doing well. You also have crude oil up. That's helping that sector," said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York.
The Dow Jones Industrial Average <.DJI> rose 46.51 points, or 0.2 percent, to 22,887.52, the S&P 500 <.SPX> gained 4.95 points, or 0.19 percent, to 2,555.88 and the Nasdaq Composite <.IXIC> added 20.17 points, or 0.31 percent, to 6,611.68.
That set the S&P and the Dow on track to close higher for the fifth straight week and the Nasdaq for the third.
In other data on Friday, consumer prices recorded their biggest increase in eight months as hurricanes Harvey and Irma boosted demand.
Limiting the day's gains, the healthcare sector <.SPXHC> was down 0.2 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 1.60-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favoured advancers.
(Reporting by Sruthi Shankar in Bengaluru; Additional reporting by Sinead Carew in New York; Editing by Patrick Graham and James Dalgleish)