US STOCKS-Dow ends best 6 weeks since 1938 on economic hopes

* Market rises on consumer survey, profit optimism
* Citi, GE post better-than-expected results
* Dow up 0.1 pct; S&P 500 up 0.5 pct; Nasdaq up 0.2 pct
* For up-to-the-minute market news click [STXNEWS/US]

(Updates lead with Dow's performance, adds volume in last two
paragraphs)
By Ellis Mnyandu
NEW YORK, April 17 (Reuters) - U.S. stocks rose on Friday,
with the Dow scoring its biggest six-week gain since July
1938, helped by a reassuring report on the mood of consumers
and stabilization in General Electric and Citigroup's
quarterly results.
The Dow is up 22.7 percent over the past six weeks, making
this the largest six-week gain since July 29, 1938.
Friday's close also marked the S&P 500's longest weekly
winning streak since 2007.
The Reuters/University of Michigan survey showed that U.S.
consumers have more confidence in the economy than they have
had since the sudden collapse of Lehman Brothers in September,
the latest in a spate of data suggesting the economic slump
may be easing. For more details, see [nN17323537]
GE and Citigroup both posted better-than-expected results,
lifting the broader market, and bank stocks rallied as
investors bet other financial companies could follow up with
more news showing the sector is on the mend.
Among banks, shares of Bank of America , due to
post quarterly results on Monday, climbed 2.5 percent to
$10.60. The KBW Bank index <.BKX> climbed 3.4 percent and has
come close to more than doubling since its March lows. GE
shares gained almost 1 percent to $12.39.
"The rate of deceleration in the economy is slowing," said
David Lutz, managing director of trading at Stifel Nicolaus
Capital Markets in Baltimore.
"From a macro standpoint, the reason for a lot of the
drive is just that we're continuing to get data points that
show things are beginning to operate very well in the credit
markets."
The Dow Jones industrial average <.DJI> rose 5.90 points,
or 0.07 percent, to 8,131.33. The Standard & Poor's 500 Index
<.SPX> climbed 4.30 points, or 0.50 percent, to 869.60. The
Nasdaq Composite Index <.IXIC> added 2.63 points, or 0.16
percent, to 1,673.07.

S&P UP 28.5 PERCENT FROM MARCH LOW
The surge capped the S&P 500's longest weekly winning
streak since spring 2007 and added to its strong recovery
since the stock market's descent to 12-year closing lows early
last month.
For the week, the Dow rose 0.6 percent, the S&P 500
advanced 1.5 percent and the Nasdaq gained 1.2 percent.
The benchmark S&P 500 is now up 28.5 percent since the
bear market closing low of March 9. Its year-to-date drop has
narrowed to about 4 percent.
On Nasdaq, a 1.6 percent gain in the shares of Apple
, the maker of the iPhone and iPod, underpinned the
technology sector's advance ahead of Apple's quarterly results
next week.
"Apple is probably going to have positive things to say,"
added Lutz.
Apple's stock closed at $123.42, while Google
gained 0.9 percent to $392.24, a day after posting a
stronger-than-expected quarterly profit.

MCDONALD'S GAINS, BUT CITI FALLS
Also underpinning the market's advance were the gains in
the shares of companies seen better able to withstand economic
downturns.
Shares of fast-food company McDonald's Corp rose
2.5 percent to $56.09 after its chief executive told CNBC that
he saw "some thawing" in economic conditions. The stock gave
the top boost to the Dow.
Deutsche Bank said Procter & Gamble ,
Colgate-Palmolive and Kimberly-Clark Corp were
undervalued at current levels. P&G rose 2.4 percent to $51.66,
making it the Dow's second-biggest advancer, while shares of
diversified health-care company Johnson & Johnson
added 1.6 percent to $53.05.
Profit-taking ahead of the weekend, however, tempered some
of the upside, according to traders.
Citigroup reported a smaller-than-expected first-quarter
loss, but its shares dropped almost 9 percent to $3.65 as some
investors paused following the stock's strong run-up since
early last month when the bank said, along with others, it had
had a good start to 2009.[nN17310824]
Trading was active on the New York Stock Exchange, where
about 1.95 billion shares changed hands, above last year's
average daily volume of 1.49 billion. On the Nasdaq, about
2.42 billion shares traded, above last year's average daily
volume of 2.28 billion.
Advancers outnumbered decliners by a ratio of about 2 to 1
on both the NYSE and Nasdaq.
(Editing by Jan Paschal)
((Ellis.Mnyandu@thomsonreuters.com; +1 646 223 6085; Reuters
Messaging:ellis.mnyandu.reuters.com@reuters.net))

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