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US Stocks Rise on Corporate Profits    10/15 09:30

   Stocks are climbing again on Friday, as encouraging reports on the economy 
and corporate profits help Wall Street firm itself following a shaky few weeks.

   NEW YORK (AP) -- Stocks are climbing again on Friday, as encouraging reports 
on the economy and corporate profits help Wall Street firm itself following a 
shaky few weeks.

   The S&P 500 was 0.7% higher in early trading. The Dow Jones Industrial 
Average was up 337 points, or 1%, at 35,249, as of 10:05 a.m. Eastern time, and 
the Nasdaq composite was 0.3% higher.

   Leading the way for the S&P 500 was freight deliverer J.B. Hunt Transport 
Services, which peeled to a 5% gain after reporting stronger profits for the 
summer than Wall Street expected. Goldman Sachs and Prologis each rose more 
than 2% on better-than-expected profit reports, while Alcoa surged 11.3% after 
it beat earnings expectations and announced a dividend payment and buyback of 
its stock.

   They dovetailed with a report showing people spent much more at U.S. 
retailers last month than Wall Street expected. Sales at stores, restaurants 
and other retail establishments rose 0.7% from August instead of falling, as 
economists forecast.

   Friday's gain follows up on a 1.7% jump for the S&P 500 Thursday, its best 
day since March, which was driven by stronger-than-expected earnings reports 
and encouraging data on the job market. The S&P 500 is on track for a 1.8% gain 
for the week and its best weekly performance since July.

   It's a turnaround from a shaky few weeks, when the S&P 500 fell as much as 
5.2% from its record set on Sept. 2. Worries about stubbornly high inflation, 
reduced support for markets from the Federal Reserve and a slowing economy 
helped to knock stock prices around. The S&P 500 is back within 1.5% of its 
all-time high.

   Treasury yields also rose following the much stronger-than-expected report 
on retail sales. The yield on the 10-year note climbed to 1.57% from 1.52% late 
Thursday.

   Stock markets overseas were also strong. In Europe, Geramny's SAX returned 
0.7%, and France's CAC 40 gained 0.8%. The FTSE 100 in London rose 0.4%.

   In Asia, Tokyo's Nikkei 225 added 1.8%, Hong Kong's Hang Seng climbed 1.5% 
and Seoul's Kospi advanced 0.9%.

   The price of benchmark U.S. oil rose 1.3% to $82.37 per barrel, continuing a 
powerful run that has sent it up nearly 70% this year and fanned worries about 
high inflation. The global benchmark for crude also climbed 1%, though the 
price of U.S. natural gas fell back by 1.4%.

    

 
 
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