Daily Times

The Dow rose while the Nasdaq retreated early Friday following mixed earnings from large banks and a report showing flat US retail sales in September. Large banks, including JPMorgan Chase and Citigroup, reported lower earnings but topped analyst estimates as they set aside more funds in preparation for a possible recession. JPMorgan Chief Executive Jamie Dimon said the economy faces “significant headwinds immediately in front of us.” Meanwhile, US retail sales in September were virtually unchanged from August at $684 billion, Commerce Department data showed in a report that revealed the drag on consumers from inflation. About 30 minutes into trading, the Dow Jones Industrial Average was up 0.7 percent at 30,240.24. The broad-based S&P 500 climbed 0.2 percent to 3,676.88, while the tech-rich Nasdaq Composite Index dipped 0.2 percent to 13,950.10. Albertsons fell 5.7 percent as it agreed to be acquired by fellow supermarket chain Kroger for $24.6 billion. Kroger dropped 1.6 percent.