American stocks edge higher
NEW YORK -- The engines driving the stock market were more tepid than turbocharged Thursday, but they were enough to help stocks rise for a fifth straight day.
The three major U.S. stock indexes all closed higher as good news on the job market and healthy earnings from name-brand companies like Royal Caribbean and Harley-Davidson encouraged investors.
The Standard & Poor's 500 has risen every day since Friday, a record not matched since early March.
The forces driving the gains, however, were tenuous, market watchers said. Hiring remains sluggish, even with the drop in unemployment claims last week. The S&P's five-day winning streak is hardly a blockbuster: on Wednesday it rose just .01 point. And while companies are turning in profits that are beating the estimates of financial analysts, many are missing revenue forecasts.
The Dow Jones industrial average closed up 24.50 points, or 0.2 percent, to 14,700.80. The S&P 500 rose 6.37 points, or 0.4 percent, to 1,585.16. The Nasdaq composite index rose 20.33, or 0.6 percent, to 3,289.99.