Stocks Gain, Boosted By P&G, Starbucks Earnings
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 this month. 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 6 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 5 basis points to 1.91 percent. Among other stocks making big moves. â¿¿ Halliburton gained $1.87 to $39.69 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. â¿¿Hasbro fell $1.45 to $37 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. â¿¿ Green Mountain Coffee Roasters rose $1.10 to $44.88 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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