S&P 500 closes above 1,500 for 1st time since 2007

  @CNNMoneyInvest January 25, 2013: 4:14 PM ET
u.s. stock market, sp500

Click the chart for more stock market data.


U.S. stocks ended the week on a high note Friday, as investors welcomed a batch of better-than-expected corporate results.

The Dow Jones industrial average, S&P 500 and the Nasdaq closed up between 0.5% and 0.6%. The Dow finished at its highest level since October 2007, while the S&P 500 closed above the 1,500 mark for the first time since December 2007.

All three indexes also logged their fourth consecutive week of gains, with the Dow climbing 1.8%, the S&P 500 rising 1.1% and the Nasdaq adding 0.5%.

An encouraging batch of earnings helped lift the market Friday.

Procter & Gamble (PG, Fortune 500) shares rose 4%, leading the gains on the Dow. The company, which makes a variety of household goods, topped earnings expectations and raised its outlook for earnings and share repurchases in 2013. Microsoft (MSFT, Fortune 500) and AT&T (T, Fortune 500) shares also boosted the blue-chip index following their earnings.

Halliburton (HAL, Fortune 500) shares jumped more than 5%, making it among the best performers in the S&P 500. The company reported earnings that beat analysts' expectations, driven by strength in the company's international divisions. A 4% increase in Starbucks (SBUX, Fortune 500) shares also boosted the broader market. The company reported earnings late Thursday that were in line with analysts' estimates.

Netflix (NFLX) continued to surge for a second day. Shares gained more than 15% Friday, adding to the previous day's 42% jump. Earlier this week, Netflix shocked Wall Street with a surprise profit for the fourth quarter.

Related: Bull market winding down. Don't panic

But Apple (AAPL, Fortune 500)shares continued to slide Friday, falling 2.3%. The sell-off briefly knocked Apple from its position as the world's most valuable company, allowing Exxon Mobil (XOM, Fortune 500) to reclaim the title.

Also, on the downside, shares of Hasbro (HAS) were under pressure after the company said it expects full-year earnings to come in below analysts' expectations, citing the "challenging growth prospects" in the toy industry. Hasbro also announced it was cutting 10% of its workforce. Shares of rival Mattel (MAT, Fortune 500) fell too.

Hasbro cutting jobs after weak holiday

Overall, S&P 500 companies are expected to report earnings growth of 4.45% for the last three months of 2012, according to S&P Capital IQ.

Of the 142 companies that had reported results as of Thursday evening, 66% have exceeded analysts' expectations.

On the economic front, new-home sales unexpectedly dropped in December, sliding 7.3% to an annual rate of 369,000, according to a report from the Census Bureau.

Related: Extreme greed drives market higher

Overseas, European markets ended higher, with the DAX in Germany adding more than 1.4%. London's FTSE 100 edged up, despite data showing the U.K. economy shrank 0.3% in the fourth quarter. The weaker-than-expected performance raised concerns that Britain could slide back into recession.

Asian markets ended mixed. Shares in Shanghai and Hong Kong fell sightly, but the Nikkei in Japan surged more than 2%. Japanese stocks have rallied as investors bet recent moves by the Bank of Japan and newly-elected prime minister Shinzo Abe will revive the nation's economy.

The dollar declined versus the euro and the British pound, but gained ground versus the Japanese yen.

Oil prices and gold prices slipped.

The price of the 10-year Treasury slipped, pushing the yield up to 1.95% from 1.84% from late Thursday. To top of page

Join the Conversation
Sponsored by
Index Last Change % Change
Dow 16,501.65 0.00 0.00%
Nasdaq 4,148.34 21.37 0.52%
S&P 500 1,878.61 3.22 0.17%
Treasuries 2.69 0.00 0.07%
Data as of 10:48pm ET
Company Price Change % Change
Facebook Inc 60.87 -0.49 -0.80%
Bank of America Corp... 16.34 -0.03 -0.18%
Microsoft Corp 39.86 0.17 0.43%
Verizon Communicatio... 46.28 -1.15 -2.42%
Micron Technology In... 26.16 -0.09 -0.34%
Data as of 4:01pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.24%4.32%
15 yr fixed3.25%3.36%
5/1 ARM3.27%3.37%
30 yr refi4.28%4.31%
15 yr refi3.30%3.34%
View rates in your area
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.