U.S. Stocks Rise on Optimism Earnings Can Support Run to Records
- Dow average extends longest winning streak since 2013
- Technology shares rise to the highest level since 2000
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U.S. stocks advanced, pushing to fresh records, as quarterly results from Microsoft Corp. and Morgan Stanley spurred optimism that corporate earnings can support further gains.
Microsoft rallied to a three-month high after posting a better-than-predicted profit, boosting technology shares to the highest in almost 16 years. Morgan Stanley rose 2.1 percent as its earnings beat estimates, bolstered by a surprise gain in fixed-income trading revenue. Abbott Laboratories and Intuitive Surgical Inc. also gained on results that exceeded forecasts. Walt Disney Co. lost 1.3 percent after an analyst downgraded the shares.