S&P, Dow mark new highs on strong retail sales data

The Dow and the S&P 500 inched up on Friday, hitting new highs after strong U.S. retail sales data and a rise in biotech stocks, offset disappointing results from big banks. Retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views that economic growth picked up in the second quarter. Tepid results from Citi and Wells Fargo failed to match up to the expectation set by JPMorgan's strong numbers on Thursday.