U.S. stocks posted their first positive week in three as more healthy earnings news lifted Wall Street on Thursday, though gains were limited with another 180 S&P names due to report next week.
Apple's blowout results and strong reports from a number of industrials kept sentiment on the bullish side, after investors were on guard for disappointments headed into this week.
Another increase in jobless claims and underwhelming results from General Electric and McDonald's kept gains in check. The S&P 500 ran into resistance close to 1,340, a level that has triggered selling plenty of times this month. Some see a failure to convincingly rise above 1,344, the recent high in the benchmark, as a bearish technical signal.
Volume was light, with about 6.45 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's daily average of 8.47 billion.
"Objectively, the earnings season is still mixed, but since the most recent results were strong, it increases the perception that we'll have a good first half of the year," said Tommy Huie, who oversees about $34 billion as president and chief investment officer of M&I Investment Management in Milwaukee.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,505.99 |
|---|---|
| Trade Time: | 4:02PM EDT |
| Change: |  52.45 (0.42%) |
| Prev Close: | 12,453.54 |
|---|---|
| Open: | 12,453.62 |
| Day's Range: | 12,447.56 -12,506.06 |
| 52wk Range: | 9,596.04 -12,563.90 |
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