* JPMorgan, Citi beat revenue estimates
* Financials top gainers among S&P sectors
* Dollar rises 0.35 pct, gold falls
* Indexes up: Dow 0.75 pct, S&P 0.57 pct, Nasdaq 0.63 pct
(Updates to open)
By Yashaswini Swamynathan
Oct 14 Wall Street was higher on Friday as
better-than-expected results from JPMorgan and Citigroup lifted
Shares of JPMorgan, the biggest U.S. bank by assets,
rose 1 percent after the lender beat estimates for revenue and
profit. Citi rose 2.3 percent after its profit fell less
The S&P 500 financial index soared 1.4 percent, far
outdoing the other seven major sectors that were higher.
Bank of America was the top influence on the S&P,
while Goldman Sachs had a similar impact on the Dow.
Investors are also awaiting Federal Reserve Chair Janet
Yellen's speech at noon in Boston, where she is likely to offer
more insight into the growing sentiment among policymakers to
raise interest rates relatively soon.
Sustained growth in the labor market and improving inflation
have encouraged Fed officials such as Boston Fed president Eric
Rosengren, who told CNBC on Friday that the "very high" odds for
a rate increase in December was appropriate.
A report from the U.S. Commerce Department showed retail
sales rebounded in September, helped by a surge in motor vehicle
purchases. The measure rose 0.6 percent, compared to a fall of
0.2 percent in August.
Major U.S. stock indexes have been swinging between losses
and gains since Monday as uncertainty regarding the quarterly
earnings season and the outcome of a tightly run U.S.
presidential race threaten market valuations.
At 9:36 a.m. ET (1336 GMT), the Dow Jones industrial average
was up 136.39 points, or 0.75 percent, at 18,235.33.
The S&P 500 was up 12.23 points, or 0.57 percent, at
2,144.78 and the Nasdaq Composite was up 32.62 points,
or 0.63 percent, at 5,245.96.
McDonald's fell 1.1 percent and was the biggest drag
on the S&P after the fast-food chain operator announced charges
related to strategic changes it had outlined last year.
HP Inc fell 1.8 percent after the company said it
would cut about 3,000 to 4,000 jobs over the next three years.
"From a fundamental standpoint, investors are really hungry
for clarity and a bullish catalyst," said Adam Sarhan, CEO of
Sarhan Capital. "That will come from the Fed and from earnings
Earnings of S&P 500 companies are expected to have fallen
about 0.7 percent in the third quarter but some investors hope
that enough companies will beat analysts' expectations for the
index to end the season with a slight gain.
The dollar rose 0.35 percent, while prices of gold
, a safe haven, dropped 0.34 percent.
Advancing issues outnumbered decliners on the NYSE by 2,011
to 623. On the Nasdaq, 1,626 issues rose and 526 fell.
The S&P 500 index showed three new 52-week highs and no new
lows, while the Nasdaq recorded seven new highs and 12 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by