S&P 500 in Longest Winning Streak Since 2004

trader works on the floor of the New York Stock ExchangeBy STEVE ROTHWELL

NEW YORK (AP) - The Standard & Poor's 500 index closed above 1,500 on Friday for the first time since the start of the Great Recession in 2007, lifted by strong earnings from Procter & Gamble (PG) and Starbucks (SBUX).

The S&P 500 rose 8.14 points to 1,502.96. It was the eighth straight gain, the longest winning streak since November 2004.

The Dow Jones industrial average closed at 13,825.33, up 46 points. The Nasdaq composite gained 19.33 points to 3,149.71.

Procter & Gamble, the world's largest consumer products maker, gained $2.83 to $73.25 after reporting that its quarterly income more than doubled. P&G also raised its profit forecast for its full fiscal year. Starbucks rose $2.24 to $56.81 after reporting a 13 percent increase in profits.

"Earnings are growing," said Joe Tanious, a global market strategist at JPMorgan. "The bottom line is that corporate America is doing exceptionally well."

Tanious expects corporate earnings to grow at about 5 percent over the "next year or two," and stock valuations to rise. Currently, the S&P 500 is trading at an average price-to-earnings ratio of 14, below an average of 15.1 for the last decade, according to FactSet data.

Apple (AAPL) continued to decline, allowing Exxon Mobil (XOM) to once again surpass the electronics giant as the world's most valuable publicly traded company. Apple fell 2.4 percent to $439.88, following a 12 percent drop on Thursday, the biggest one-day percentage drop for the company since 2008, after Apple forecast slower sales. The stock is now 37 percent below the record high of $702.10 it reached Sept. 19.

Apple first surpassed Exxon in market value in the summer of 2011, grabbing a title Exxon had held since 2005. The two traded places through that fall, until Apple surpassed Exxon in early 2012.

Stocks have surged this month, with the S&P 500 advancing 5.4 percent. It jumped at the start of the year when lawmakers reached a last-minute deal to avoid the "fiscal cliff." Stocks built on those gains on optimism that the housing market is recovering and the labor market is healing. The Dow Jones is up 5.5 percent on the year.

Deutsche Bank analysts raised their year-end target for the index to 1,600 from 1,575.

Companies will be able to maintain their earnings even if lawmakers in Washington decide to implement wide-ranging spending cuts to narrow the budget deficit, the analysts said in a note sent to clients late Thursday.

The yield on the 10-year Treasury note, which moves inversely to its price, climbed 11 basis points to 1.95 percent.

Among other stocks making big moves.

- Halliburton (HAL) gained $1.91 to $39.72 after posting a loss that was smaller than analysts had expected. The oilfield services company said fourth-quarter profits declined 26 percent to $669 million on increasing pricing pressure in the North American market and one-time charges from the Deepwater Horizon disaster. Wall Street had expected worse.

-Hasbro (HAS) fell $1.14 to $37.31 after the toy maker said its fourth-quarter revenue failed to meet expectations because of poor demand over the holidays. The company plans to cut about 10 percent of its workforce and consolidate facilities to cut expenses.

- Green Mountain Coffee Roasters (GMCR) rose $2.53 to $46.31 after an analyst noted that sales of a competing coffee brewer introduced by Starbucks were getting off to a weak start.


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Frankie

Poor republicans. They can't STAND it when the economy is good and we have a black President. LOL

January 28 2013 at 5:55 AM Report abuse +1 rate up rate down Reply
durchinusa

great news.... Obama is GREAT....

January 28 2013 at 1:04 AM Report abuse -1 rate up rate down Reply
Mike

Every article ends with crying dem/Obama haters, wake up and take it like a man while our country moves forward and Bush and the other losers are not at the helm looking out for only themselves and running the country into the ground. Took four years to begin rectifying the mess left for Obama, not bad with the size of the mess create from previous thieves.

January 28 2013 at 12:55 AM Report abuse -1 rate up rate down Reply
1 reply to Mike's comment
fomoyearsocrapleft

JAN~20~13~~RECORD 10% UNEMPLOYMENT FOR THE LAST 4 YEARS N IT WILL BE RECORD UNEMPLOYMENT FOR THE NEXT 4 YEARS ~~THERE IS NO "HOPE" N NOTHING WILL "CHANGE"~~RECORD FORECLOSURES~~RECORD JOB LOSSES N 23 MILLION AMERICANS "STILL" OUT OF WORK . ! ~~>"BACKWARDS ECONOMY"<~~~

January 28 2013 at 3:52 AM Report abuse +1 rate up rate down Reply
rkeeeballs

...This is not Bush's fault.........nope...I checked !

January 27 2013 at 7:23 PM Report abuse +2 rate up rate down Reply
bakethis

Moneynews (Newsmax) reported that Buffet dumped 21% of his consumer products stocks which included P&G, John Paulson dumped Family Dollar and consumer goods stocks, Soros sold a million shares of bank stocks. There evidently is research that another big correction to the market is coming and the people who keep in touch are preparing. The media seems to really focus on the ups and not the downs or the possibility of downs, while obama is in the Whine House.

January 27 2013 at 3:50 PM Report abuse -2 rate up rate down Reply
fomoyearsocrapleft

AMERICA IS "STILL IN THE MUSLIM CLOWNS "GREAT RECESSION AFTER 4 YEARS N WE STILL HAVE RECORD UNEMPLOYMENT N THE ECONOMY N HOUSING MARKETS ARE STILL TANKED IN THE MUSLIM CLOWN ""BACKWARDS ECONOMY"". !

January 27 2013 at 12:55 PM Report abuse -1 rate up rate down Reply
fomoyearsocrapleft

THE TEA PARTY HAS A HIGHER APPROVAL RATING THAN THE INCOMPETENT MUSLIM CLOWN,WHO TANKED OUR ECONOMY N HOUSING MARKETS N IT WILL STAY THAT WAY UN TILL THIS MUSLIM CLOWN IS REMOVED FROM OUR WHITE HOUSE IN HANDCUFFS !

January 27 2013 at 12:40 PM Report abuse -1 rate up rate down Reply
democracks.o

teapotparty11
WE TEAPOTTERS DESPISE PRESIDENT CLINTON! CAN'T STAND THE FACT THAT HE IS FAR MORE POPULAR THAN PRESIDENT BUSH, WE DON'T GET IT, WE TALKED ABOUT THAT AT OUR VIRIGINA REREAT MEETING TOO. PRESIDENT BUSH FOREVER AND EVER!!!! WE LOVE YOU PRESIDENT BUSH!!! THANK YOU FOR ALL YOU DID TO AMERICA!!!!

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I never understood why democrats like Bill Clinton. He cheated on first lady Hillary Clinton and then lied about it to the American people. The war Clinton waged on woman was appalling. Being accused of rape and all. And then the way the Obama campaign disrepected Hillary every chance they got. I guess that's why Hillary said "Shame on you Barack Obama". I thought democrats were all for womens rights. Liberals said Clintons lying and cheating didn't matter and wasn't important. Sad.

Was Harry Reid appealing to minorites when he said Obama could be a success because of his light skin color and no "NEGRO" dialect. Wow Harry how racist is that.

January 27 2013 at 12:20 PM Report abuse +2 rate up rate down Reply
democracks.o

teapotparty11
NO WE ARE STILL TRYING TO FIGURE OUT WHAT WE ARE SUPPOSED TO DO. WE STILL DON'T KNOW WHY WE LOST THE ELECTION, BUT WE TALKED ABOUT IT AT OUR RETREAT IN VIRGINIA. WE ARE TRYING TO APPEAL TO MINORITIES AND WOMEN. WE TALKED ABOUT A LESS INTRUSIVE TRANSVAGINAL PROBE FOR LADIES THAT MIGHT HELP A LITTLE...TEA PARTY FOREVER~~~~~TEA PARTY IS THE USA!!!!

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Next time promise the people Obama money. Give out free cell phones. Maybe vote against the born alive bill and and deny babies medical treatment that are born alive from botched abortions, that's Obama and the democrats way of doing things. That's how they get elected.

Register illegals to vote and put voting booths in cemetaries so the dead can vote. Hand out Mickey Mouse costumes so people can vote 3 times each. Oh and make sure you lie and fear monger. That always works for the democrats too. You can also make sure to re-write district maps if you think your candidates can't win to make sure that there are enough democrats in those districts to insure a win for them. Do all these things and all the Obamites will surely vote for you.

January 27 2013 at 12:04 PM Report abuse rate up rate down Reply
2 replies to democracks.o's comment
fomoyearsocrapleft

TEA USA ! TEA USA ! TEA USA ! TEA USA ! TEA USA ! ~~STOP THE MUSLIM CLOWNS "OUT OF CONTROL SPENDING~~~>""NO BUDGET"~~"NO PAY" ~~SHUT ER DOWN" ! ! !

January 27 2013 at 12:44 PM Report abuse rate up rate down Reply
lawmutt55

Thinking like this is why the Republican Party is unable to win. If you really believe this, you are at best uninformed and at worst delusional. Continuing to run candidates who are out of touch with the hopes and desires of the majority of Americans and then wondering why they lose. Truly, how sad.

January 27 2013 at 7:10 PM Report abuse -1 rate up rate down Reply
2 replies to lawmutt55's comment
mrspelosi

The majority of Americans did not want the healthcare debacle to be passed but it was forced through anyway dear.

January 27 2013 at 7:55 PM Report abuse +1 rate up rate down
lawmutt55

Thank you all for validating my argument.

January 27 2013 at 8:52 PM Report abuse rate up rate down
teapotparty11

BE BACK LATER, I HAVE TO GET READY FOR MY GUN CLASS, THEN GOT TO GO ON THE FRONT LINE TO THE ABORTION CLINIC TO DEMONSTRATE, THEN I HAVE TO GO TO BIBLE CLASS, THEN OFF TO THE BAR. ITS A BUSY LIFE SUPPORTIN THE TEA PARTY WE GOT LOTS OF ISSUES TO SORT OUT FOR AMERICA!

January 27 2013 at 12:04 PM Report abuse -2 rate up rate down Reply
2 replies to teapotparty11's comment
democracks.o

Maybe you could take all the inner city Obama supportering gang members to gun class with you. They could give the class pointers on how to use a gun. They are the experts. You should hold your head high while prostesting at abortion clinics as 1.5 million babies are murdered each year. I wonder why Obama doesn't tear up about that. You wouldn't want to go to bible class now would you. Don't you want to be part of Obamas nation of non-believers? You do have alot to sort out. You might want to try sorting out all 100 screen names that you have.

January 27 2013 at 12:09 PM Report abuse -3 rate up rate down Reply
1 reply to democracks.o's comment
fomoyearsocrapleft

COOK IN THE RESTAURANT YELLS==4 MORE YEARS OF CRAP COMIN RIGHT UP

January 27 2013 at 1:00 PM Report abuse -2 rate up rate down
teapotparty11

WE TPOTTERS KNOW WHAT IS BEST FOR THE LADIES AND THE REST OF AMERICA. TEA PARTY FOREVER!!!!! TEA PARTY IS AMERICA 100% !!!~TEA PARTY IN THE WHITE HOUSE IN 2016 FOR SURE!!!! CUT ALL TAXES TO ZERO AND CUT ALL SPENDIN ON EVERYTHING BUT GUNS AND BOMBS AND WATCH THE ECONOMY SOAR!!!!

January 27 2013 at 12:15 PM Report abuse rate up rate down Reply
1 reply to teapotparty11's comment
democracks.o

No only liberals know what is best for women right. It's liberals who decide what's moral and when life begins right. After all liberals are the experts on everyyyyyyyyyyyyyyyything.

Inner city Obama supporters I.E. gang members love their guns and will never give them up.

Rich people like Obama, Pelosi and Reid woould love zero taxes. After all Obama already gave himself a tax cut in addition to all the other tax cuts rich people like himself have received over the years.

I think more foodstamps and welfare should be given out to the Obamites so they keep voting for more handouts and democrats

January 27 2013 at 12:25 PM Report abuse -1 rate up rate down