Stocks rose on Friday, putting the S&P 500 on pace for its biggest gain in the past five weeks, after earnings from a slew of bellwether companies propelled what has been a solid earnings season to date.
General Electric Co
Yesterday there was some concern that McDonald's might miss, but they matched and had strong same-store sales growth. GE beat their number. Overall, it continues to be another good earnings season, said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
They are good signs the U.S. economy remains on track, it's not super growth, but it's growth.
Industrial conglomerate Honeywell International Inc
The S&P industrial sector index <.GSPI>, up 1.1 percent, was the top performing S&P sector.
Of the 121 S&P 500 components reporting through Friday morning, 81 percent beat expectations, according to Thomson Reuters data.
The Dow Jones industrial average <.DJI> gained 107.24 points, or 0.83 percent, to 13,071.34. The Standard & Poor's 500 Index <.SPX> rose 9.19 points, or 0.67 percent, to 1,386.11. The Nasdaq Composite Index <.IXIC> advanced 22.69 points, or 0.75 percent, to 3,030.25.
Air conditioner maker Ingersoll Rand Plc's
Oilfield services company Schlumberger NV's
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)