* Empire State manufacturing index up, but retail sales soft
* Citigroup shares climb after earnings
* Leap Wireless shares more than double
* Dow up 0.1 pct, S&P 500 up 0.1 pct, Nasdaq up 0.1 pct
By Alison Griswold
NEW YORK, July 15 (Reuters) - U.S. stocks edged up on Monday
after hitting record highs in the previous session, as mixed
U.S. economic data offset rosy earnings from Citigroup.
Shares of Citigroup advanced 2.3 percent to $52.00
after the third-largest U.S. bank by assets reported a 26
percent increase in adjusted quarterly profit. The S&P 500
financial industry sector index was up 0.4 percent.
Leap Wireless International Inc more than doubled
after AT&T Inc said on Friday it would buy the company for
$1.19 billion and at least two brokerages raised their ratings
on Leap's stock. The stock, which was the most
active on the Nasdaq, was trading at $17.12.
The broader market's activity was muted. The day's economic
data sent mixed signals, with growth in New York state
manufacturing for July accelerating, while June retail sales
fell short of expectations and May business inventories barely
"I think people are really waiting to get into the meat of
the earnings season," said Douglas DePietro, managing director
at Evercore Partners in New York. "We got past the Fed minutes
last week, so I think people are really just looking for what
companies can deliver."
Analysts expect S&P 500 companies' second-quarter earnings
to have grown 2.8 percent from a year earlier, with revenue up
1.5 percent, data from Thomson Reuters showed.
S&P 500 industrial shares rose, as airlines over the weekend
expressed confidence in the safety of Boeing's 787
Dreamliner following a fire on one of the jets last week. Boeing
gained 2.9 percent to $104.70.
Utilities outperformed in the S&P 500, with the sector index
up 1.1 percent. Companies including FirstEnergy Corp
and Public Service Enterprise Group Inc were
among the sector's best performers after power grid operators in
the U.S. Northeast said they had enough electricity to keep air
conditioners running this week through an anticipated heat wave.
The Dow Jones Industrial Average was up 12.71 points,
or 0.08 percent, at 15,477.01. The Standard & Poor's 500 Index
was up 1.75 points, or 0.10 percent, at 1,681.94. The
Nasdaq Composite Index was up 5.10 points, or 0.14
percent, at 3,605.18.
Both the Dow Jones industrial average and the S&P 500 ended
Friday's session at record closing highs, though the point and
percentage gains for the day were slim. The S&P 500 is on pace
for its eighth straight advance, which would mark its longest
upward move since mid-January.
Bank of America-Merrill Lynch raised its year-end target for
the S&P 500 to 1,750 from 1,600, citing expected earnings
Over the past three weeks, the benchmark S&P 500 has erased
losses of nearly 6 percent from the selloff triggered in late
May by Federal Reserve Chairman Ben Bernanke, when he first
raised the prospect of trimming the Fed's $85 billion in monthly
Alexion Pharmaceuticals was the worst performer on
the S&P 500, falling 4.1 percent to $109.58. The company is
being eyed for a potential bid by Swiss drugmaker Roche Holding
First Solar Inc was the S&P 500's best performer,
jumping 6 percent to $50.51.