By Sruthi Shankar
(Reuters) - Wall Street rose to record highs on Friday as fourth-quarter earnings season kicked off with solid results from JPMorgan and BlackRock and robust retail sales drove gains for consumer stocks.
"There is optimism that earnings season is going to be relatively good and belief that the overall economy is continuing to get healthier," said Robert Pavlik, chief investment strategist at SlateStone Wealth in New York.
"Interest rates are moving up, but not to the extent that it is causing much concern. The CPI data that came in is a good level to be in an economy that seems to be expanding."
Earnings for S&P 500 companies are expected to increase on an average by 12.1 percent in the quarter with profit for financial services companies likely to increase 13.2 percent, according to Thomson Reuters I/B/E/S.
At 12:47 p.m. ET (1747 GMT), the Dow Jones Industrial Average <.
DJI> was up 166.54 points, or 0.65 percent, at 25,741.27 and the S&P 500 <. SPX> was up 13.93 points, or 0.50 percent, at 2,781.49.
The Nasdaq Composite <. IXIC> was up 42.49 points, or 0.59 percent, at 7,254.26.
Sales at online retailers soared 1.2 percent in December. "A lot of these companies like Target and Home Depot are getting on with the internet ecosystem of e-commerce," said Josh Jalinski, president of Jalinski Advisory Group.
Advanced Micro Devices
Advancing issues outnumbered decliners on the NYSE by 1,474 to 1,376. On the Nasdaq, 1,808 issues rose and 1,069 fell.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)