U.S. Stocks Rise as Dow Climbs to 5-Year High on Earnings
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U.S. stocks advanced, sending the Dow Jones Industrial Average to a five-year high, as companies including Pfizer Inc. and Valero Energy Corp. reported earnings that beat estimates.
Pfizer rose 3.2 as the drugmaker also forecast higher-than-expected full-year profit. J.C. Penney Co. jumped 9.3 percent amid new store promotions. Energy shares climbed as Valero reported a 20-fold gain in profit and Paul Singer’s Elliott Management Corp. urged Hess Corp. to consider a spinoff of its U.S. shale assets. EMC Corp. and Seagate Technology Plc led technology shares lower amid disappointing outlooks. Amazon.com Inc. rose 9.4 percent in late trading after posting its results.