NEW YORK (AP) — Stocks rose to record levels on Friday as the price of oil jumped again, giving a lift to energy stocks.
A slight gain for the market was enough to push the Standard & Poor's 500 index to a record intraday high and the Dow Jones industrial average back above 18,000.
CBS gained after reporting earnings that exceeded analyst's expectations. The media company got a boost from better advertising revenue.
ConAgra, a food company whose brands include Swiss Miss hot chocolate mix and Slim Jim beef jerky, slumped after the company cut its earnings outlook for the year, blaming the impact of the higher dollar among other factors.
European stocks climbed after Greece and its European creditors said they were willing to compromise to help Athens with its debts, while new data showed improvement in the eurozone economy.
KEEPING SCORE: The Standard and Poor's 500 index rose five points, or 0.3 percent, to 2,093, as of 12:06 p.m. The index surpassed its previous intraday high of 2,093.55 set Dec. 29.
The Dow Jones industrial average climbed 42 points, or 0.3 percent, to 18,013. The Dow is still a few points short of its all-time high. The Nasdaq composite gained 21 points, or 0.4 percent, to 4,879.
FOOTBALL HELPS: CBS gained $1.60, or 3.8 percent, to $59.38 after the media company reported earnings late Thursday that were slightly better than Wall Street analysts had been expecting. The company got a boost from higher advertising revenues, led by the broadcast of "Thursday Night Football" and political ad revenues associated with the midterm elections.
SWISS EARNINGS MISS: Food company ConAgra, whose brands include Swiss Miss hot chocolate mix and Slim Jim beef jerky, slumped $1.62, or 4.4 percent, to $34.80. The company cut its earnings outlook for the year late Thursday, blaming the impact of a stronger dollar and intense competition for its Private Brands unit.
GREECE FACTOR: Greece and its creditors in the 19-country eurozone took visible, if modest, steps to bridge their differences over Athens' demands to lighten the load of its bailout. But a deal is still some ways off. Following weeks of haggling, the two sides sounded willing to compromise and agreed to start technical discussions to analyze each side's requests ahead of another meeting Monday. Investors are hopeful that a deal will be reached to avoid Greece's exit from the euro.
THE QUOTE: A recovery in the price of oil, as well as prospects of deal between Greece and its creditors seem to have settled investors' nerves for now, said JJ Kinahan, chief strategist at TD Ameritrade. That's allowing stocks to push higher.
"Stability seems to be coming back," said Kinahan.
EUROZONE GROWTH SHOCKER: Data out Friday showed the eurozone economy picked up speed in the fourth quarter thanks to better growth in Germany and Spain. The currency union's economy grew 0.3 percent in the October-December period compared with the previous quarter, more than expected, thanks also to lower oil prices and a weaker euro. The growth rate, while encouraging, is still only about half that of the U.S.
EUROPE'S DAY: Germany's DAX added 0.3 percent to 10,952 after touching a record high, while France's CAC 40 rose 0.6 percent to 4,752. Britain's FTSE 100 gained 0.5 percent to 6,860.
ENERGY: Benchmark U.S. crude rose $1.63 to $52.87 a barrel on the New York Mercantile Exchange. Brent crude climbed $1.98 to $61.24 a barrel in London.
BONDS AND CURRENCIES: In U.S. government bond trading, prices fell slightly. The yield on the 10-year benchmark government note edged up to 2 percent from 1.99 percent on Tuesday.
The dollar was little changed against the Japanese yen and the euro. The dollar traded at 118.75 yen, down from 118.85 yen the previous day. The euro was flat at $1.1406.
– by AP Reporter Steve Rothwell
