Dow, S&P at five-year highs

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.

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.