S&P 500 rallies for week on Amazon, Expedia results

NEW YORK (Reuters) - U.S. stocks advanced on Friday and posted their best weekly gains in a month as stronger-than-expected earnings from Amazon.com and Expedia Inc reinforced confidence in corporate performance.

Wall Street managed a fourth day of gains as the strong earnings season outweighed a surprisingly weak reading on first-quarter economic growth.

Online retailer Amazon climbed 15.7 percent to $226.85 and contributed half of Nasdaq's gain for the day. An S&P retail index rose 3.5 percent and hit an all-time high. Shares of Expedia, the Web-based travel provider, surged 23.5 percent to close at $40.31, after hitting a new high at $43 on record volume.

Growth in S&P 500 earnings rose to 7.2 percent this week from 3.2 percent at the start of the month, according to Thomson Reuters data. About 73 percent of the companies that have reported so far have beaten expectations.

"So far the numbers have been pretty good, and we're happy about that, but I think we have to wait to where we're done with the earnings season to really make judgments," said David James, senior vice president of James Investment Research in Alpha, Ohio.

"Going forward, the big key for people especially looking at tech is what happens with the dollar. I think the dollar will probably be stronger than people expect on a relative basis. Historically that usually means tech is the sector that gets hit the hardest."

The Dow Jones industrial average was up 23.69 points, or 0.18 percent, at 13,228.31. The Standard & Poor's 500 Index was up 3.38 points, or 0.24 percent, at 1,403.36. The Nasdaq Composite Index was up 18.59 points, or 0.61 percent, at 3,069.20.

The S&P 500 posted its best weekly percentage gain since March and the Nasdaq its best gain since February.

Earlier this week, a blowout quarter from Apple Inc gave the Nasdaq its best day of the year .

With one more trading day left in the month, the S&P 500 is slightly lower so far in April but still up 11.6 percent for the year. The S&P is well above its 50-day moving average.

The earnings news overshadowed the day's economic news. The Commerce Department reported the U.S. economy expanded at a 2.2 percent annual rate in the first quarter, below economists' expectations for growth of 2.5 percent.

Among other companies reporting results, Ford Motor Co surpassed expectations as its North American unit reported the best profit in at least 12 years. But the stock fell 2.3 percent to $11.60 after executives said Ford lost U.S. market share in April, suggesting that second-quarter .

Also on the downside, Procter & Gamble Co shares fell 3.6 percent to $64.44 after the world's biggest consumer products maker cut its full-year profit view and posted lower quarterly earnings.

Starbucks Corp fell 5.3 percent to $57.43 and was one of the biggest percentage decliners on the Nasdaq 100 after the coffee chain operator reported results late on Thursday. Investors focused on weakness in European sales, even though its quarterly profit topped estimates.

Volume was 6.2 billion shares on the New York Stock Exchange, the Nasdaq and the NYSE Amex, below the daily average this year of 6.76 billion.

Advancers outpaced decliners by a ratio of about 2 to 1 on the NYSE as well as on the Nasdaq.

(Editing by Leslie Adler)

  • Treasure trove of British newsreels reveals Top Gear's ancestors 4 hours ago
    Treasure trove of British newsreels reveals Top Gear's ancestors

    Long after television grew to dominate American and British homes, newsreel producer British Pathé kept at it, documenting the news of the day until finally ceasing production of new short films in 1970 after 60 years of effort. Last week, all of British Pathé's 85,000 films were put online — including dozens of fascinating, rare and often weird car films that resemble nothing so much as a jet-age Top Gear.

  • Nissan tests self-cleaning paint that could make car washes obsolete 5 hours ago
    Nissan tests self-cleaning paint that could make car washes obsolete

    During this vile, never-ending winter, motorists had three options to keep their cars clean: Shell out on regular car washes; slave away in the cold, wind and snow washing it yourself, or screw it and just drive a dirty car. I, like many, chose the last option. But if only I'd been able to test Nissan's self-cleaning car, all my troubles would have washed away.

  • Popular hot yoga myths debunked 11 hours ago
    Popular hot yoga myths debunked

    What’s the hottest new workout taking the world by storm? That would be hot yoga, also known as Bikram yoga. Conducted in a heated room with sweltering temperatures of about 40°C (or approximately 104° Fahrenheit) and 40 per cent humidity, … Continue reading →

  • Photo of a very thin Lee Kuan Yew sparks concern
    Photo of a very thin Lee Kuan Yew sparks concern

    A new picture of Singapore's first prime minister, Lee Kuan Yew, who is now 90 years old, has drawn concern from people on Singapore's internet space.

  • Waste oil collector struggles after STOMP posts, receives help from kind souls
    Waste oil collector struggles after STOMP posts, receives help from kind souls

    After being photographed at work in Jurong pooling used oil near coffee shops, 50-year-old Valerie Sim has been struggling to keep her family afloat. Web portals STOMP and The Real Singapore published pictures of her in February, triggering a witch hunt for others like her and comments from readers like “Who knows if they’ll use it as cooking oil?” Some readers also said they filed police reports against her and other people they believed were doing the same thing she was.

  • I tendered my resignation without securing the next job. Here’s why I don’t mind.
    I tendered my resignation without securing the next job. Here’s why I don’t mind.

    I have committed a taboo – I have tendered my resignation without securing the next job. The reactions to the announcement were varied but they all pretty much hint at a deep sense of disapproval. “Why did you do that?” It was as if I had renounced my faith. “What are you going to do from now on?” Almost as though a misfortune had incapacitated me. “What does your family have to say about it?” As if I had offered to cook for the next family dinner. I was, and still am, certain of my reasons and motivations for the resignation. However the response I received got me thinking about why people are so concerned about the gaps in their careers. The developed world evolved from an agricultural economy to an industrial economy to the service age, then to the knowledge economy in the late 1990s and 2000s marked by breakthroughs in technological innovations and competition for innovation with new products and processes that develop from the research community. According to The Work Foundation, the knowledge economy is driven by the demand for higher value added goods and services created by more sophisticated, more discerning, and better educated consumers and ... The post I tendered my resignation without securing the next job. Here’s why I don’t mind. appeared first on Vulcan Post.