The S&P 500 hit a five-year high Friday, extending a rally that started in January. The index is at its highest since November 2007 and has advanced for six weeks. The Dow closed above 14,000 on Feb. 1 for the first time since 2007. The index is up 6.8 percent this year; the S&P 500 is up 6.4 percent. The S&P finished the week higher despite logging a big drop Monday on worrying news from Europe. Largely positive earnings and a report that showed that the US trade deficit narrowed provided more fuel for the market’s advance Friday. Analysts forecast fourth-quarter earnings to rise 6.5 percent for S&P 500 companies.