Wall Street logs longest winning streak in 6 months
NEW YORK — The stock market notched its longest winning streak in six months on 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 saying it returned to profitability in its first quarter. A strong earnings report from Netflix pushed the company's stock higher in after-hours trading.
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 of the outlook for demand. 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 S&P 500 index rose 7.04 points, or 0.4 percent, to 1,871.89. The index has risen five consecutive 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.
Stocks got a lift from an encouraging economic report from The Conference Board, which said that its index of leading indicators increased 0.8 percent in March.
“The data are suggesting that we will gain economic momentum,” said Quincy Krosby, a market strategist at Prudential Financial.