U.S. Stocks Cap Longest Stretch of Advances Since 2004
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U.S. stocks rose for the week, capping the longest stretch of daily gains since 2004, amid better-than-estimated corporate earnings and economic data as lawmakers voted to temporarily suspend the federal debt limit.
Netflix Inc. surged 71 percent after beating its forecast for subscriber growth and posting an unexpected profit. International Business Machines Corp. rose 5.4 percent after forecasting earnings that topped estimates. 3M Co., the maker of Scotch tape, added 1.9 percent as sales growth in Asia, excluding Japan, rose the most in about two years. Apple Inc. fell 12 percent, losing the title of most valuable company to Exxon Mobil Corp. amid the slowest profit growth in a decade.