* Jan retail sales top estimates, consumer price index up
* March rate hike odds jump to 26.6 pct from 13.3 pct
* P&G gains on Trian stake; airlines rise on Berkshire stake
* Indexes up: Dow 0.39 pct, S&P 0.21 pct, Nasdaq 0.2 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Feb 15 Wall Street's record-setting run entered
its fifth day on Wednesday, as President Donald Trump repeated
his promise of tax cuts and on upbeat economic data that
increased the odds of a rate hike and lifted bank stocks.
Trump, in a meeting with top executives at U.S. retail
companies, said he would lower taxes substantially and simplify
the tax code - echoing a vow he made last Thursday that renewed
optimism about the economy and revived the "Trump trade".
His comments boosted already upbeat sentiment after a spate
of robust economic data - including bigger-than-expected gains
in retail sales and consumer prices in January - that reinforced
the strength of the economy.
Federal Reserve Chair Janet Yellen, in a testimony before
the House Financial Services Committee, stood by the stance she
took on Tuesday that the central bank was on track to raise
interest rates at an upcoming policy meeting.
"She (Yellen) has made it clear that she wants to raise
rates," said Neil Massa, senior equity trader at Manulife Asset
Management in Boston.
"Before she spoke yesterday, the March meeting wasn't in
play, but now that is definitely on the table and I think the
numbers today bode well for her to do that."
After the economic data, traders raised the odds of a rate
hike in March to 26.6 percent from 13.3 percent before the data
was released, according to Thomson Reuters data.
Financial stocks, which benefit in a higher rate
environment, again led the gainers among the 11 major S&P
sectors, with a 0.63 percent gain. The rate-sensitive utilities
and real estate sectors fell the most.
At 11:07 a.m. ET (1808 GMT), the Dow Jones Industrial
Average was up 79.89 points, or 0.39 percent, at
The S&P 500 was up 5.07 points, or 0.21 percent, at
percent, at 2,342.65 and the Nasdaq Composite was up
11.65 points, or 0.2 percent, at 5,794.23.
Procter & Gamble jumped 3.3 percent to $90.79 and
gave the biggest boost to the Dow and the S&P after activist
investor Trian Fund disclosed a stake in the consumer products
Shares of Southwest, United Continental,
American Airlines and Delta rose between 2
percent and 4.2 percent after Warren Buffett's Berkshire
Hathaway reported investments topping $2.1 billion in
each of the carriers.
AIG weighed the most on the S&P, dropping 8.8
percent to $60.95 after the commercial insurer reported a
bigger-than-expected quarterly loss.
Declining issues outnumbered advancers on the NYSE by 1,550
to 1,249. On the Nasdaq, 1,357 issues rose and 1,301 fell.
The S&P 500 index showed 60 new 52-week highs and one new
low, while the Nasdaq recorded 101 new highs and 16 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by