U.S. Stocks Climb Amid GE Earnings, S&P 500 Holds at 8-Week High
- GE gains as quarterly profit beats estimates, sales miss
- Investors now focusing on quarterly results as well as Fed
The Early Takeaways From Third-Quarter Earnings
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General Electric Co. rose to a seven-year high amid better-than-estimated quarterly profits, leading an advance in U.S. stocks as the Standard & Poor’s 500 Index posted its longest weekly winning streak since May.
Equities stretched further above an area where a series of prior rebounds from a summer selloff had stalled. The leadership today shifted, however, to health-care and consumer shares, rather than this month’s stalwarts -- energy, raw-materials and industrials -- as those groups lagged amid a rising dollar. GE rallied 3.4 percent to its highest since September 2008.