* JPMorgan, Intel results boost investor confidence
* Dow near psychological 10,000-mark for 1st time in year
* Dow up 1.1 pct, S&P 500 up 1.2 pct, Nasdaq up 1.1 pct
* For up-to-the-minute market news, click []
(Updates to midday)
By Angela Moon
NEW YORK, Oct 14 (Reuters) - The Dow Jones industrials
climbed to within striking distance of 10,000 on Wednesday for
the first time in a year on better-than-expected company
results and U.S. retail sales data.
Major indexes rose 1 percent, and the Dow's approach to the
10,000 level during a seven-month rally bolstered sentiment.
Before stocks opened, JPMorgan Chase & Co <JPM.N> said
profit rose sharply, lifting hopes other major Wall Street
banks would report strong results this week.
Chip maker Intel Corp <INTC.O> also advanced a day after
reporting quarterly outlook and results that soared past
expectations.
JPMorgan's shares rose 3.2 percent to $47.13 and Intel's
shares added 2.4 percent to $20.98.
"The market, of course, is comprised of fundamentals, but a
lot of what's happening now is psychological," said Paul
Brigandi, vice president of trading at Direxion Funds in New
York. Investors want tangible evidence of a recovery, he said.
"People are looking forward to earnings proving that."
The Dow Jones industrial average <> was up 107.77
points, or 1.09 percent, at 9,978.83. The Standard & Poor's 500
Index <.SPX> gained 12.55 points, or 1.17 percent, to 1,085.74.
The Nasdaq Composite Index <> rose 23.15 points, or 1.08
percent, to 2,163.04.
The Dow came within 10 points of 10,000 early in the
session and was last at that level in October 2008.
Underscoring optimism, a government report showed sales at
U.S. retailers fell by a less-than-expected 1.5 percent in
September. Economists in a Reuters poll had forecast a 2.1
percent drop.
The S&P retail index <.RLX> rose 1.4 percent.
Bank stocks got a boost from JPMorgan, with the S&P
Financial index <.GSPF> up 2.45 percent, outperforming other
sectors in the S&P.
Bank of America <BAC.N> shares rose 3.4 percent to $18.41.
Shares of Johnson & Johnson <JNJ.N>, however, fell 1.2
percent to $60.30 after rival Abbott Laboratories Inc <ABT.N>
posted better-than-expected third-quarter profit. Abbott rose
3.3 percent to $51.28.
Oil rose for a fifth straight day on Wednesday to $74.81,
boosted by a weak U.S. dollar and surprisingly strong trade
data in China, the world's second-largest oil user.
The Federal Reserve's minutes from its meeting of Sept.
22-23 will be released at 2 p.m. (1800 GMT), with investors
looking for signs of the Fed's thinking on the prospects for
inflation.
(Reporting by Angela Moon; Editing by Kenneth Barry)
