Buoyed by better-than-hoped earnings
The Standard & Poor’s 500-stock index advanced for a sixth week, capping the longest winning streak since August, amid better-than-estimated corporate earnings as European leaders reached a budget deal.
Apple added 4.7 percent after saying it’s in discussions to return more cash to shareholders. Dell was unchanged for the week, after a four-day rally, as it’s going private in a $24.4 billion leveraged buyout that signals the waning of the personal-computer industry it once dominated.
The S&P 500 rose 0.3 percent for the week to 1517.93, a five-year high. The benchmark measure is about 3 percent away from its October 2007 record of 1565.15. The Dow Jones industrial average lost 16.82 points, or 0.1 percent, to 13,992.97.
“When you have this situation, where earnings are outperforming estimates, it’s generally supportive for stocks,” said Michael Holland, chairman of Holland & Co., which oversees assets of more than $4 billion.
About 75 percent of the 341 S&P 500 companies that reported fourth-quarter results have beat estimates. Stocks also rose as European Union leaders prepared the firstever cuts in the bloc’s budget after European Central Bank President Mario Draghi said recent currency advances may slow price gains and the pace of expansion.
The Treasury will sell $35 billion in three-month bills and $30 billion in sixmonth bills Monday. They yielded 0.09 percent and 0.12 percent in when-issued trading. The United States will also sell four-week bills, $32 billion in three-year notes, $24 billion in 10-year notes and $16 billion in 30-year bonds.