Closing Bell: Apple iPhone Sales Under Microscope; S&P 500's New Record

The S&P 500 clinched a new record high even with a number of factors trying to pull it into the red. Disappointing earnings reports from the likes of Starbucks  (SBUX) - Get Report and Pandora  (P) failed to stop its rise. Crude oil declined after an increase in the number of active oil rigs drilling for crude in the U.S. Surging global production and building inventories have pressured crude over the year. Crude ended with weekly losses of nearly four percent. Advanced Micro Devices (AMD) - Get Report topped quarterly estimates and said it expects to see a double-digit increase in current quarter sales. Canaccord reiterated a BUY rating and hiked its price target. Apple's  (AAPL) - Get Report sales were under the microscope ahead of its earnings report next Tuesday. Pacific Crest notes that higher inventories at Apple's chip supplier Skyworks  (SWKS) - Get Report doesn't bode well for iPhone demand. TheStreet's Keris Lahiff has details from Wall Street.