* JPMorgan, Citi, Wells Fargo beat revenue estimates
* Financials top gainers among S&P sectors
* Microsoft rises after Cowen & Co lifts price target
* Indexes up: Dow 0.63 pct, S&P 0.42 pct, Nasdaq 0.54 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Oct 14 Wall Street was on track for its best day
of the month on Friday as financial stocks rose following
better-than-expected results from three big banks.
The S&P 500's financial index surged 1.16 percent,
its best showing in seven days, after JPMorgan,
Citigroup and Wells Fargo reported quarterly
revenue and profit that beat market expectations.
JPMorgan and Citi rose slightly, while the scandal-hit Wells
reversed course to trade down 0.15 percent. Bank of America
was the top influence on the S&P, while Goldman Sachs
had a similar impact on the Dow.
The two banks are scheduled to report results along with
Morgan Stanley next week.
While earnings of S&P 500 companies are expected to fall 0.7
percent, marking the fifth straight quarter of decline, some
investors hope that enough companies will beat analysts'
expectations for the index to end the season with a slight gain.
The early part of the earnings season is dominated by
financials and the positives from the sector set the tone for
the rest of the period, said Bill Northey, chief investment
officer at the Private Client Group of U.S. Bank.
The KBW Bank index rose 0.6 percent, snapping a
three-day losing streak.
Investors are also awaiting Federal Reserve Chair Janet
Yellen's speech at noon in Boston, where she is likely to offer
more insight into the growing sentiment among policymakers to
raise interest rates relatively soon.
Sustained growth in the labor market and improving inflation
have encouraged Fed officials such as Boston Fed president Eric
Rosengren, who told CNBC on Friday that the "very high" odds for
a rate increase in December was appropriate.
"We don't expect a departure from the script which was laid
out at the minutes of the September meeting and expect the Fed
to continue moving on a path towards a December rate hike,"
At 11:05 a.m. ET (1505 GMT), the Dow Jones industrial
average was up 114.88 points, or 0.63 percent, at
The S&P 500 was up 8.99 points, or 0.42 percent, at
2,141.54 and the Nasdaq Composite index was up 27.93
points, or 0.54 percent, at 5,241.26.
Eight of the 11 major S&P sectors were higher.
Energy fell 0.16 percent as oil prices dropped 0.83
Microsoft rose 1.1 percent after Cowen & Co raised
price target on the stock.
McDonald's fell 1.1 percent after the fast-food
chain operator announced charges related to strategic changes it
had outlined last year.
HP Inc fell 1.8 percent after the company said it
would cut about 3,000 to 4,000 jobs over the next three years.
Advancing issues outnumbered decliners on the NYSE by 1,813
to 998. On the Nasdaq, 1,562 issues rose and 993 fell.
The S&P 500 index showed three new 52-week highs and one new
lows, while the Nasdaq recorded seven new highs and 41 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by