* Core March CPI below forecast, consumer sentiment rises
* Bank of America down as profit slides
* Google shares lower, weigh on Nasdaq after results
* Dow, S&P up 0.2 pct, Nasdaq down 0.3 pct (Updates with consumer sentiment data)
By Ryan Vlastelica
NEW YORK, April 15 (Reuters) - The Dow and S&P rose on Friday as encouraging economic indicators offset some disappointing corporate results, though weakness in Google Inc pressured the Nasdaq.
A government report showed underlying inflation pressures remained contained in March, while a survey showed April consumer sentiment rose more than expected. Investors have been concerned higher energy and food costs would slow consumer spending.
"People were revising their first-quarter growth outlooks lower because of headwinds in the quarter, but this data suggests that maybe the quarter wasn't so bad," said Tom Wirth, senior investment officer for Chemung Canal Trust Co, which manages $1.5 billion in Elmira, New York.
Bank of America reported a steeper-than-expected decline of 37.5 percent in profit and named a new chief financial officer. The stock, a Dow component, fell 0.8 percent to $13.02 in volatile trading.
Google late on Thursday unnerved investors with a large jump in first-quarter spending. The Internet company also reported an adjusted profit slightly under expectations and the stock sank 6.5 percent to $541.25.
The Dow Jones industrial average was up 25.39 points, or 0.21 percent, at 12,310.54. The Standard & Poor's 500 Index was up 2.36 points, or 0.18 percent, at 1,316.88. The Nasdaq Composite Index was down 9.02 points, or 0.33 percent, at 2,751.20.
The first week of earnings has been mixed, with bellwether companies unable to excite the market despite some cases of stronger-than-expected profits. Investors have been disappointed with companies' revenues or outlooks.
"While expenses at Google point to lower growth there and early results suggest banks are going to continue having a hard time, it's too early to say how the earnings season is shaping up so far," Wirth said.
Charles Schwab Corp reported first-quarter earnings that beat expectations by a penny. The broker also said clients had reduced the percentage of their cash assets held in Schwab to pre-crisis levels. The stock rose 1 percent to $18.41.
A gauge of New York State manufacturing rose in April to its highest level in a year, and the state employment index jumped to its highest since May 2004, the New York Federal Reserve said.
(Editing by Kenneth Barry)