Giddy Consumer, Earnings Keep Stocks Hopping

Updated from 4:01 p.m. EST

Stocks gained on the day and week, with the major indices closing at new two-year highs after positive earnings reports from General Electric (GE Quote) and Juniper Networks (JNPR Quote) and a strong showing from the American consumer.

The Dow added 46.66 points, or 0.4%, to 10,600.51 and the S&P 500 gained 7.77 points, or 0.7%, to 1139.82, both new 22-month peaks, while the Nasdaq rose 31.38 points, or 1.5%, to 2140.46, its best close since July 2001.

The Dow advanced 1.4% on the week and the S&P rallied 1.6%; both indices have now risen in eight consecutive weeks. It's the latter's longest winning streak in almost six years. The Nasdaq improved 2.6%, its sixth straight up week. ...