NEW YORK CITY: US stocks rose Friday, with the S&P 500 striking a new record, on strong corporate earnings and expectations of continued loose monetary policy when the Federal Reserve meets next week.
The Dow Jones Industrial Average rose 61.07 (0.39 percent) to 15,570.28.
The broad-based S&P 500 increased 7.70 (0.44 percent) to 1,759.77, while the tech-rich Nasdaq Composite Index tacked on 14.40 (0.37 percent) at 3,943.36.
Friday's gains were driven by better-than-expected earnings from Amazon and Microsoft and solid results from Procter & Gamble and UPS.
Microsoft rose 6.0 percent after it bested analyst expectations, reporting a 17 percent rise in profits to $5.2 billion and pointing to progress in its transition to a "devices and services" company. The Dow component has come under scrutiny for its comparative weakness in mobile technology products.
Amazon jumped 9.4 percent despite again reporting a loss, of $41 million compared with $274 million in the year-ago period. However, revenue surged 24 percent to $17.1 billion, above estimates.
But the two tech companies' gains did not extend to all of their rivals. Google fell 1.0 percent, Apple dipped 1.1 percent and Yahoo lost 2.5 percent.
Dow component Boeing rose 1.7 percent after announcing that it was launching a bid together with Lockheed Martin for a new $55 billion US Air Force bomber program. Lockheed advanced 1.0 percent.
The program aims to build between 80 and 100 new long-range stealthy bombers, a top priority as the US military seeks to replace its aging bomber fleet.
Dow component Procter & Gamble was off 0.8 percent after earnings grew 8 percent on higher sales. The company said growth in emerging markets remains fairly strong.
Global package-delivery giant UPS advanced 1.2 percent after earnings of $1.16 per share exceeded expectations by a penny, even as revenues slightly underperformed.
UPS plans to hire 55,000 seasonal employees to deliver packages during the holiday shopping season, which is compressed this year due to the late Thanksgiving holiday.
Eastman Chemical fell 5.2 percent after projecting full-year earnings of $6.30-$6.40 per share, under the $6.48 predicted by analysts. The company cited higher raw material costs, among other factors.
Bond prices rose. The yield on the 10-year US Treasury slipped to 2.50 percent from 2.52 percent Thursday, while the 30-year dipped to 3.59 percent from 3.61 percent. Bond prices and yields move inversely.
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