New York, Oct 15 (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 0.7per cent higher in early trading. The Dow Jones Industrial Average was up 337 points, or 1per cent, at 35,249, as of 10:05 a.m. Eastern time, and the Nasdaq composite was 0.3per cent higher.

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Leading the way for the S&P 500 was freight deliverer J.B. Hunt Transport Services, which peeled to a 5per cent gain after reporting stronger profits for the summer than Wall Street expected.

Goldman Sachs and Prologis each rose more than 2per cent on better-than-expected profit reports, while Alcoa surged 11.3per cent after it beat earnings expectations and announced a dividend payment and buyback of its stock.

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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 0.7per cent from August instead of falling, as economists forecast.

Friday's gain follows up on a 1.7per cent 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 1.8per cent 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 5.2per cent 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 1.5per cent 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 1.57per cent from 1.52per cent late Thursday.

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

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

The price of benchmark U.S. oil rose 1.3per cent to USD82.37 per barrel, continuing a powerful run that has sent it up nearly 70per cent this year and fanned worries about high inflation. The global benchmark for crude also climbed 1per cent, though the price of U.S. natural gas fell back by 1.4per cent. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)