Stocks edges up as earnings offset consumer data

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Stocks flat; broker upgrades offset jobs data (6/11)

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By Angela Moon

NEW YORK (Reuters) - U.S. stocks edged up on Friday as solid earnings from Walt Disney Co and JC Penney Co Inc offset weaker-than-expected consumer sentiment data.

Stocks briefly turned negative after U.S. consumer sentiment dipped in early November to the weakest in three months amid grim expectations for job and income prospects.

But shares quickly rebounded, helped by Disney , which rose 4,5 percent to $30.37. The company reported fourth-quarter profit and revenue late on Thursday that topped Wall Street's estimates.

The Dow Jones industrial average <.DJI> was up 38.47 points, or 0.38 percent, at 10,235.94. The Standard & Poor's 500 Index <.SPX> was up 2.92 points, or 0.27 percent, at 1,090.16. The Nasdaq Composite Index <.IXIC> was up 3.56 points, or 0.17 percent, at 2,152.58.

"We have a very resilient market, and it appears it's kind of shaking off the effect of that bad number," said Richard Sparks, senior equities analyst and vice president of research at Schaeffer's Investment Research in Cincinnati.

JC Penney also reported third-quarter earnings that beat expectations, a day after retail giant Wal-Mart Stores Inc posted higher-than-expected quarterly profit. JC Penney shares gained 5.3 percent to $30.95.

Retailer Abercrombie & Fitch Co also posted a higher-than-expected profit, and its stock jumped 6.2 percent to $39.04.

The U.S. dollar <.DXY> resumed to decline against other currencies, further supporting the gains in stocks after the Dow ended its six-day winning streak in the previous session.

The U.S. trade deficit widened in September by an unexpectedly large 18.2 percent, the most in more than 10 years, as oil prices rose for the seventh straight month and imports from China bounded higher, a U.S. government report showed on Friday.

(Additional Reporting by Chuck Mikolajczak; Editing by Padraic Cassidy)

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