U.S. stocks rose for a third week, driving benchmark indexes to five-year highs, as earnings from companies including General Electric Co. and Goldman Sachs Group Inc. beat estimates and debt-limit talks progressed.
U.S. stocks rose, trimming the biggest weekly drop since June in the Standard & Poor’s 500 Index, as data showing consumer confidence climbed to a five- year high offset concern about fiscal cliff negotiations.
Companies in the Standard & Poor’s 500 Index are paying less in interest on debt than any time in at least a decade, leaving investors more dependent on economic growth and corporate spending for equity gains in 2013.
U.S. stocks erased losses amid optimism European leaders will do more to halt contagion from the region’s debt crisis. The euro pared its drop after sinking to an almost two-year low and U.S. Treasuries trimmed gains. Oil closed below $90 a barrel for the first time since October.
Cablevision Systems Corp. is now the cheapest U.S. cable or satellite-television provider for potential acquirers from Time Warner Cable Inc. to Comcast Corp. following the resignation of its chief operating officer.
U.S. stocks rose, reversing losses and sending the Standard & Poor’s 500 Index to the highest level since June 2008, after the unemployment rate unexpectedly dropped and more companies beat earnings estimates.