Wall Street gains on earnings optimism; consumer discretionary, transports jump

NEW YORK, Oct 16 - U.S. stocks were sharply higher in Monday afternoon trading as investors were optimistic about the start of earnings season, with transportation shares advancing.

Consumer discretionary led gains among S&P 500 sectors, although all of the sectors were higher on the day. Third-quarter earnings for S&P 500 companies are estimated to have increased 2.2% year-over-year, according to LSEG data Friday. Earlier, data showed the NY Fed's"Empire State" index, a gauge of manufacturing activity in New York State, fell to -4.60 in October, against expectations of a drop to -7.

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