Dow, S&P at five-year highs

Gregory Rowe, a trader with Livermore Trading Group

Gregory Rowe, a trader with Livermore Trading Group Inc., works at the New York Stock Exchange in Manhattan on Monday. (Jan. 14, 2013) Photo Credit: Bloomberg News

advertisement | advertise on newsday

The Dow Jones industrials and Standard & Poor's 500 closed at five-year highs Friday as the market registered a third straight week of gains on a solid start to the quarterly earnings season.

Morgan Stanley was the latest Wall Street bank to report strong results. Its better-than-expected earnings followed similar report cards from Goldman Sachs Group Inc. and JPMorgan Chase & Co. earlier in the week.

advertisement | advertise on newsday

Shares of Morgan Stanley shot up 7.86 percent to $22.38. It reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business.

But Friday's rise was held back by shares of Intel Corp., which slumped a day after it forecast quarterly revenue below analysts' estimates.

Another factor that has been weighing on the market before a three-day weekend is uncertainty about the federal debt limit and spending cuts. U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday.

The Dow closed up 53.68 points to 13,649.70; the S&P rose 0.34 percent to 1,485.98. The Nasdaq index, however, fell 0.04 percent to 3,134.71.

The latest LI business news in your inbox daily. Get the Biz Briefing newsletter!

Comments now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.

You also may be interested in: