U.S. Stocks Close at Five-Year High While Treasuries Gain

U.S. stocks closed at a five-year high and Treasuries rose for the fifth time in six days as investors weighed prospects for a short-term lift in the U.S. debt ceiling. The yen traded at a 2 1/2-year low.

The Standard & Poor’s 500 Index increased 0.3 percent to 1,485.98 at 4 p.m. in New York and the Dow Jones Industrial Average added 54 points to 13,649.7, with both ending the week at the highest levels since 2007. Ten-year U.S. yields slid four basis points to 1.84 percent. Japan’s currency weakened to more than 90 per dollar for a second day for the first time since June 2010, and the Topix Index capped a 10th straight weekly advance, on signs the central bank will extend asset purchases. Hong Kong-traded shares of Chinese companies jumped to a 17-month high and commodities rose as China’s growth quickened.