Stock market records longest winning streak in six months
NEW YORK -- The stock market logged its longest winning streak in six months Monday as another big week for company earnings began.
Halliburton, an oil and gas drilling company, rose after reporting a first quarter profit on rising revenue in the Middle East and Asia.
Toymaker Hasbro gained after it said it returned to profitability in its first quarter, driven by sales of girls' toys such as My Little Pony and Nerf Rebelle.
Netflix surged after the close after the company said its earnings surged as it attracted more subscribers.
Close to a third of the companies in the Standard & Poor's 500 index are scheduled to report first-quarter earnings this week, giving investors a better picture about the outlook for demand after the economy's winter slump.
Stocks logged their best weekly gain since July last week as companies started reporting their earnings.
"I like what I see in the market," said Karyn Cavanaugh, a senior market strategist with ING U.S. Investment Management. "It's all going to be about earnings, because earnings are the driver of the market in the long run."
The Standard & Poor's 500 index rose 7.04 points, or 0.4 percent, to 1,871.89.
The index has risen five straight days, its longest streak of gains since October.
The Dow Jones industrial average climbed 40.71 points, or 0.3 percent, to 16,449.25.
The Nasdaq composite gained 26.03 points, or 0.6 percent, to 4,121.55.
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