* Dow breaks 10,000-mark for 1st time in year
* JPMorgan, Intel results boost investor confidence
* Retail sales ex-autos rises for second month
* Dow up 1.5 pct, S&P 500 up 1.8 pct, Nasdaq up 1.5 pct
* For up-to-the-minute market news, click []
(Adds details)
By Leah Schnurr
NEW YORK, Oct 14 (Reuters) - The Dow industrials pierced
the 10,000 level on Wednesday for the first time in a year on
surprisingly robust company results and better-than-expected
retail sales.
With major indexes up more than 1 percent, the Dow's
milestone shows how far the market has come since last year
when investors fled collapsing financial markets as the
economic outlook soured. Analysts said the more than 50 percent
rise off the 12-year lows hit in March could encourage more
investors to buy stocks.
"Dow 10,000 may be largely psychological, but with
tremendous levels of cash on the sidelines this may still be a
call to action for investors," said Lawrence Glazer, managing
partner at Mayflower Advisors in Boston.
The Dow Jones industrial average <> rose 144.80 points,
or 1.47 percent, to 10,015.86. The Standard & Poor's 500 Index
<.SPX> gained 18.83 points, or 1.75 percent, to 1,092.02. The
Nasdaq Composite Index <> put on 32.34 points, or 1.51
percent, to 2,172.23.
Strong results from JPMorgan Chase & Co <JPM.N> and Intel
Corp <INTC.O> also bolstered analysts' optimism over the
earnings season that is picking up pace.
A fresh 14-month low for the dollar also helped stocks as
investors bet the slumping currency will lift profits of large
multinational companies with big overseas sales. For a graphic
see http://graphics.thomsonreuters.com/109/US_DOWUSD1009.gif
JPMorgan Chase & Co's <JPM.N> quarterly profit rose
sharply, bolstering hopes other major Wall Street banks will
report strong results this week. Its stock jumped 3.3 percent
to $47.16 and the S&P financial index <.GSPF> gained 3.4
percent. For details, see []
Chip maker Intel Corp <INTC.O> gained 1.7 percent to $20.83
a day after reporting a quarterly outlook and results that
soared past expectations. [] Analysts have said
signs of improving revenue will be key to the current season.
A government report showed U.S. retail sales, excluding
auto purchases, rose for a second month. The data offered
cautious optimism that spending could help support the economy
as it struggles out of recession. []
The S&P retail index <.RLX> rose 1.7 percent.
RETURN OF 10,000
The Dow was last at 10,000 in October 2008 when it dropped
through that barrier in a selloff on increasing fears about the
financial crisis. The index is up 52.9 percent since the
12-year closing low of early March but is still down 29.3
percent from its October 2007 record close of 14,164.53.
The Dow first crossed above 10,000 in late March 1999 as
the tech boom accelerated before the bubble popped the
following year.
For analysis, see []. For a factbox, see
[].
While the return of 10,000 was greeted with relief,
analysts cautioned the economy remains fragile. Light volume
also signaled conviction was weak, which makes it easier to
push stocks up.
"It means we've come a long ways in a hurry," said
Scott Marcouiller, senior equity market strategist at Wells
Fargo Advisors in St. Louis.
"It is a psychological positive, but it's also a logical
spot now for us to take a pause."
Abbott Laboratories Inc <ABT.N> also cheered investors
after it reported profit that topped Wall Street forecasts.
Abbott was up 3.1 percent at $51.20.
Volume was moderate on the New York Stock Exchange at 1.35
billion shares, below last year's estimated daily average of
1.49 billion. On the Nasdaq about 2.37 billion shares traded,
above last year's daily average of 2.28 billion.
Advancing stocks outnumbered declining ones on the NYSE by
2,275 to 763, while advancing stocks beat decliners on the
Nasdaq by about 2,028 to 688.
(Additional reporting by John Parry; Editing by Kenneth
Barry)
