* Core March CPI below forecast, consumer sentiment rises
* Bank of America shares down as profit slides
* Google shares lower, weigh on Nasdaq
* Dow up 0.6 pct, S&P up 0.5 pct, Nasdaq up 0.3 pct
* For up-to-the-minute market news see []
(Updates prices)
By Rodrigo Campos
NEW YORK, April 15 (Reuters) - U.S. stocks rose on Friday
as encouraging economic indicators overshadowed disappointing
results from Bank of America and Google.
A government report showed underlying inflation pressures
remained contained in March, while a survey showed April
consumer sentiment rose more than expected. Investors have been
concerned that higher energy and food costs would slow consumer
spending. For details, see [].
"I'm surprised the market is holding up so well, given
Google and Bank of America. But everyone is happy with the
consumer price number," said Randall Warren, chief investment
officer of Warren Financial Service in Exton, Pennsylvania.
"People were afraid that inflation could derail the bull
market, and this data puts that story on hold."
Still, investors placed most of their bets on defensive
stocks, which tend to outperform in times on waning growth.
Utilities <.GSPU> and healthcare <.GSPA> were the
top-performing sectors on the S&P 500, both up more than 1
percent.
The Dow Jones industrial average rose <> 71.18 points,
or 0.58 percent, to 12,356.33. The S&P 500 <.SPX> gained 7.14
points, or 0.54 percent, to 1,321.66. The Nasdaq Composite
<> rose 6.78 points, or 0.25 percent, to 2,767.00.
Bank of America Corp <BAC.N> reported a
steeper-than-expected decline of 37.5 percent in profit and
named a new chief financial officer. The stock fell 1.6 percent
to $12.92 and was the Dow's bigger percentage loser.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For details on the results, see []
To see a graphic: http://r.reuters.com/kap98r
For an earnings scorecard: http://r.reuters.com/dup98r
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
Google Inc <GOOG.O> late on Thursday unnerved investors
with a large jump in first-quarter spending. The Internet
company also reported an adjusted profit slightly under
expectations. The stock sank 7.1 percent to $537.38.
[]
Information technology <.GSPT> was the sole S&P sector to
fall in afternoon trading.
The first week of earnings has been a mixed bag, with some
bellwether companies unable to excite the market despite some
cases of stronger-than-expected profits. Investors have been
disappointed with companies' revenues or outlooks.
"If this theme of discouraging reports continues, I'll
become more bearish on the season. But right now, it could go
either way, and it looks like the market wants to go up,"
Warren said.
Charles Schwab Corp <SCHW.N> reported first-quarter
earnings that beat expectations by a penny. The broker also
said clients had reduced the percentage of their cash assets
held in Schwab to pre-crisis levels. The stock rose 3.1 percent
to $18.79. []
Bond insurer Assured Guaranty Ltd <AGO.N> surged 25.1
percent to $17.73 on heavy volume after the company announced
an agreement with Bank of America on mortgage repurchase
claims. Among other companies in the sector, MBIA Inc <MBI.N>
climbed 21.6 percent to $10.86 and PMI Group <PMI.N> was up 2.8
percent to $2.24, both on heavy volume. []
(Reporting by Ryan Vlastelica and Rodrigo Campos; Editing by
Kenneth Barry)
