US STOCKS-Dow, S&P 500 end at 5-yr highs on early earnings beats

Fri Jan 18, 2013 4:37pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Weak outlook weighs on Intel

* Morgan Stanley up after results

* U.S. Republicans weigh short-term debt limit increase

* Dow up 0.4 pct; S&P up 0.3 pct; Nasdaq down 0.04 pct

By Caroline Valetkevitch

NEW YORK, Jan 18 (Reuters) - The Dow and S&P 500 closed at five-year highs on Friday as the market registered a third straight week of gains on a solid start to the quarterly earnings season.

Morgan Stanley was the latest Wall Street bank to report strong results. Its better-than-expected earnings followed similar report cards from Goldman Sachs and JP Morgan Chase earlier in the week.

Shares of Morgan Stanley shot up 7.9 percent to $22.38. It reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business.

But Friday's rise was held back by shares of Intel Corp , which slumped 6.3 percent to $21.25 a day after it forecast quarterly revenue below analysts' estimates and announced plans for increased capital spending amid slow demand for personal computers.   Continued...