Stocks Rise on Earnings, Factory Data (Bloomberg)
U.S. stocks rose today, after two straight down sessions, to notch the S&P’s fourth straight weekly gain. The day’s rise was in part caused by factory data and earnings reports, as investors searched for hints of when the Federal Reserve may begin tapering its stimulus. “Earnings drive the market, and earnings have been good,” Richard Sichel, the chief investment officer at Philadelphia Trust Co., said. “Economic growth is slow but going in the right direction. Stocks definitely have shown that they’re the best place to be, and that can continue in spite of things going on in Washington.”
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