S&P 500 hits five-year high, extending the rally of 2013
BY Staff and Wire reports
Saturday, February 09, 2013
2/09/13 at 4:59 AM
The Standard and Poor's 500 edged up to a five-year high Friday, extending a rally that started in January.
The S&P 500 rose 8.54 points to 1,517.93, closing 0.3 percent up for the week. The index is at its highest since November 2007 and has advanced for six weeks.
Largely positive corporate earnings reports and a report that showed that the U.S. trade deficit narrowed sharply in December provided more fuel for the market's advance Friday.
The Dow Jones industrial average rose 48.92 points, or 0.4 percent, to 13,992.97. The Nasdaq composite climbed 28.74 points, or 0.9 percent, to finish the week at 3,193.87.
The Dow closed above 14,000 on Feb. 1 for the first time since 2007.