Stocks Rise on Earnings, S&P 500 above 1500

U.S. stocks rose Friday, lifting the S&P 500 index to its first finish above 1,500 since late 2007, on improving profit from Procter & Gamble Co. and other quarterly results.The Dow Jones Industrial Average climbed 70.65 points, or 0.51%, to 13,895.98, up 1.8% from the week-ago close. The S&P 500 rose 8.14 points, or 0.54%, to 1,502.96, leaving it up 1.1% for the week. The Nasdaq Composite index advanced 19.33 points, or 0.62%, to 3,149.71, a level that has it 0.5% higher for the week.

Purchases of new U.S. homes unexpectedly decreased in December, a temporary blemish as the industry wrapped up its best year since 2009 to emerge as a bright spot for the economy.

Exxon Mobil Corp. (XOM) overtook Apple Inc. (AAPL) in market capitalization to claim the title of world’s largest company in midday trading Friday. One year to the day after Apple passed Exxon in market capitalization and started its recent run as the most valuable company in the world, the oil giant reclaimed its status, according to FactSet data.

AT&T Inc (NYS:T) has inked two deals worth more than $2.68 billion this week as it accelerates its push to expand its wireless spectrum holdings to beef up capacity for high-speed services.

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