S&P 500 Closed to 5-year High

U.S. stocks advanced on Friday, putting the S&P 500 ending at a five-year high after Congress passed crucial budget legislation and data showed the economy is continuing to add jobs at a moderate pace. The Dow Jones Industrial Average climbed 43.85 points, or 0.3%, to 13,435.21, leaving it up 3.8% for the week. The S&P 500 index rose 7.10 points, or 0.5%, to 1,466.47; for the week, it gained 4.6%, its best weekly performance since December 2011. The The Nasdaq Composite index gained 1.09 points, or 0.04%, to 3,101.66. For the week, the Nasdaq rallied 4.8%.

A gauge of U.S. service firms’ activity expanded in December by the most in nearly a year, driven by a jump in new orders and hiring. The Institute for Supply Management said Friday that its index of non-manufacturing activity rose to 56.1 in December from 54.7 in November. That’s the highest level since February and above the 12-month average of 54.7. Any reading above 50 indicates expansion.

Samsung Electronics Co Ltd is expected to widen its lead over Apple Inc in global smartphone sales this year with 35 percent growth, helped by a broad product lineup, market researcher Strategy Analytics told Reuters on Friday.

The dollar climbed to a nearly 2-1/2 year peak against the yen on Friday. The dollar rose as high as 88.40 yen, according to Reuters data, the highest since July 2010.