The S&P 500 index closed above 1,500 on Friday for the first time since the start of the recession in 2007, lifted by strong earnings from Procter & Gamble and Starbucks. It was the S&P’s eighth straight gain, the longest winning streak since 2004. P&G said its quarterly income more than doubled, and raised its fiscal-year profit forecast. Starbucks posted a 13 percent increase in profits. ‘Earnings are growing,’ said Joe Tanious, a global market strategist at JPMorgan. ‘The bottom line is that corporate America is doing exceptionally well.’ Stocks have surged this month, with the S&P 500 up 5.4 percent. The Dow is up 5.5 percent on the year.
| Associated Press January 27, 2013
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