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U.S. stocks advance on earnings as investors await Obama address

By Leslie Picker and Lu Wang, Bloomberg

February 12, 2013 • Reprints

U.S. stocks advanced, sending benchmark indexes to five-year highs, as earnings topped estimates and investors awaited President Barack Obama’s State of the Union address.

Michael Kors Holdings Ltd. rallied 11% after raising its forecast in anticipation of a jump in same-store sales. Avon Products Inc. jumped 19% on better-than-expected profit and a plan to consider options for its Silpada jewelry unit. Coca-Cola Co. slipped 2.7% as global volume sales missed analysts’ estimates. Facebook Inc. sank 2.4% as Sanford C. Bernstein & Co. cut its recommendation.

The Standard & Poor’s 500 Index gained 0.3% to 1,522.13 at 1:29 p.m. in New York. The Dow Jones Industrial Average increased 65.04 points, or 0.5%, to 14,036.28. Both gauges are poised for the highest close since October 2007. Trading in S&P 500 companies was 6.8% below the 30-day average at this time of day.

“This market is front-running better economic and earnings news,” John Augustine, who helps manage $27 billion as chief market strategist at Cincinnati-based Fifth Third Bancorp, said in a phone interview. “We all think of a correction coming in February. Guess what, we probably won’t get a correction in February. This market has got upward momentum.”

About 74% of the 354 companies in the S&P 500 that have released results during the earnings season have exceeded profit projections, and 66% have beaten sales estimates, data compiled by Bloomberg show.

Record High

The S&P 500 has rallied 6.7% in 2013 as U.S. lawmakers reached a budget compromise. It has more than doubled since bottoming in March 2009 as the Federal Reserve conducted three rounds of bond-buying to lower interest rates and boost economic growth.

The gauge is less than 3% below its record of 1,565.15 reached in October 2007, while the Dow is about 1% from its all-time high of 14,164.53.

“Every strategist I’ve talked to says that we’re due for a 5%-7% correction, and the reason why we haven’t seen it is because investors are buying on dips,” Diane Jaffee, the New York-based group managing director for U.S. equities who oversees about $5.9 billion in assets at TCW Group Inc., said in a phone interview. “The thought process is that people are willing to forgo the first 10% or 20% of the market rise to make sure it will really do it, and now they want in for the last 20% or 30% because they have more confidence.”

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Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Related Terms
US Federal Reserve 8527Bloomberg 5254financials 2975S&P 500 2458stocks 2123Standard & Poor 2008equities 1689Department of Labor 1011Barack Obama 909Stock indexes 843earnings 303Wells Fargo & Co. 172Obama 166Facebook Inc. 154BMO Capital Markets 111Stifel Nicolaus & Co. 64PulteGroup Inc. 59clean energy 51Sanford C. Bernstein & Co. 47D.R. Horton Inc. 42Coca-Cola Co. 38Bernstein 22Fifth Third Bancorp 19Avon Products Inc. 15Masco Corp. 9Michael Kors Holdings Ltd. 8John Augustine 8Brian Belski 7TCW Group Inc. 5Gina Martin Adams 4Fossil Inc. 2products maker 2Mark Swartzberg 2Sheri McCoy 2Carlos Kirjner 2Dun & Bradstreet Corp. 1risk-management services 1Diane Jaffee 1

Free Newsletter Modern Trader Follow

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