Wall Street ends up on earnings optimism; consumer discretionary, transports jump

NEW YORK, Oct 16 - U.S. stocks ended sharply higher on Monday 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. According to preliminary data, the S&P 500 gained 44.02 points, or 1.02%, to end at 4,371.80 points, while the Nasdaq Composite gained 156.97 points, or 1.17%, to 13,564.20. The Dow Jones Industrial Average rose 302.02 points, or 0.90%, to 33,972.31.

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