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U.S. stocks closed higher for the fourth straight week Friday, with the S&P hitting a new record high, as investors waded through mixed earnings and an upbeat U.S. manufacturing report.
The Dow Jones Industrials moved higher 53.62 points to 18,570.85, as IBM added the most gains and Apple had the biggest negative dollar-impact.
The S&P 500 jumped 9.86 points to 2,175.03, with utilities leading all 10 sectors in the green.
The NASDAQ hiked 26.26 points to 5,100.16
Despite beating Wall Street consensus estimates, General Electric was the biggest laggard on the Dow after reporting a 2% drop in orders for the second quarter.
GE, often looked at as a bellwether for the overall economy, posted earnings five cents a share above estimates and revenue was up 15% from a year ago, the company said in a statement. Earnings were helped by its aviation, health-care and power businesses
American Airlines was among the biggest gainers on the S&P, leading transports higher after meeting second-quarter estimates.
Honeywell, Stanley Black & Decker, and Whirlpool also topped estimates, while Starbucks, Chipotle, and Skechers were among the misses.
Of the S&P 500 companies reporting as of Thursday, roughly 65% beat estimates, according to Thomson Reuters.
Morgan Stanley joined Goldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts this week.
Economically speaking, U.S. manufacturing in July hit its best level since October, according to data provider Markit. The purchasing manager's flash index compiled by Markit rose to 52.9 from 51.3.
Prices for the 10-year Treasury gained ground, lowering yields back to Thursday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices backtracked 49 cents a barrel to $44.26 U.S.
Gold prices subtracted $8.10 to $1,322.90 U.S. an ounce.
