* Dow breaks 10,000-mark for 1st time in year
* JPMorgan, Intel results boost investor confidence
* Dow up 1.2 pct, S&P 500 up 1.4 pct, Nasdaq up 1.2 pct
* For up-to-the-minute market news, click []
(Updates to late afternoon)
By Leah Schnurr
NEW YORK, Oct 14 (Reuters) - The Dow industrials broke
through the 10,000 level on Wednesday for the first time in a
year on better-than-expected company results and U.S. retail
sales data.
The Dow briefly breached the key psychological level before
easing off, while all major indexes were up more than 1
percent. The index's ascent back up through 10,000 provides a
another boost for sentiment that could encourage more investors
into the market, analysts said.
"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 to 10,002
before trimming gains to 116.23 points, or 1.18 percent, at
9,987.29. The Standard & Poor's 500 Index <.SPX> gained 14.86
points, or 1.38 percent, to 1,088.05. The Nasdaq Composite
Index <> added 24.69 points, or 1.15 percent, to 2,164.58.
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.
JPMorgan Chase & Co <JPM.N> said profit rose sharply,
lifting hopes other major Wall Street banks would report strong
results this week. Its stock jumped 2.7 percent to $46.91,
while the S&P financial index <.GSPF> gained 2.6 percent. For
details, see []
Chip maker Intel Corp <INTC.O> gained 1.7 percent to $20.83
a day after reporting quarterly outlook and results that soared
past expectations. []
A government report showed U.S. retail sales excluding auto
purchases rose for a second month. The sign of life from
consumers offered cautious optimism that spending could help
support the economy as it struggles out of recession.
[]
The S&P retail index <.RLX> rose 1.5 percent.
The Dow was last at 10,000 in October 2008 when it dropped
through that barrier in a selloff on heightened fears about the
depth of the financial crisis. The index is down about 29.4
percent from its October 2007 record close of 14,164.53.
Nonetheless, analysts cautioned that the economy remains
fragile even as the milestone is greeted with relief at how
swiftly the market has bounced back from March's 12-year lows.
"People are more optimistic, but people shouldn't get too
excited. There are still a lot of lingering concerns, like high
unemployment and the housing market. It's important to take a
long-term view," said Joseph Kapp, financial adviser at Lincoln
Financial Advisors in Bethesda, Maryland.
Abbott Laboratories Inc <ABT.N> also cheered investors
after it reported profit that topped Wall Street forecasts.
Revenue was in line with targets, soothing investors on the
heels of a disappointing sales report from rival Johnson &
Johnson <JNJ.N> on Tuesday. []. Abbot was up 3.5
percent at $51.41.
(Additional reporting by John Parry; Editing by Kenneth
Barry)
