Perhaps familiarity does breed contempt. The biggest U.S. companies have often failed to meet forecasts this earnings season, while their smaller counterparts have delivered.
A rally on Wall Street will be put to the test next week, with the S&P 500 index at its highest closing level since before the collapse of Lehman Brothers Holdings Inc. in 2008 and the European Central Bank about to flood the financial markets with a new wave of cheap money.
The S&P 500 rose on Friday to close at its highest level since before the collapse of Lehman Brothers Holdings Inc. in September 2008, continuing a pattern of steady gains on apparent signs of U.S. economic recovery.
The Standard & Poor's 500-stock index closed Friday at its highest level since June 2008 as a result of the rise of the U.S. stocks subsequent to increasing confidence on revival of economic situation with the approval of the Greece bailout package.
The European Central Bank's decision to exempt itself from taking losses on its Greek bonds may push up borrowing costs of other debt-strained euro zone countries, Standard & Poor's said on Friday.
The S&P 500 rose on Friday to close at the highest level since before the collapse of Lehman Brothers in 2008, continuing a pattern of steady gains on signs of U.S. economic recovery.
No matter which direction investors faced Friday, whether it was the recent past or the immediate future, all the signals were positive. Investors responded by boosting prices for stocks, bonds and commodities.
Buoyed by another round of better-than-expected economic data, the Standard & Poor's 500 advanced above its highest close since June 2008. Optimism on the economy also lifted the Dow Jones Industrial Average back above 13,000.
Stocks were little changed on Friday, hovering around highs not seen since June 2008, while energy shares gained alongside crude oil prices.
U.S. stocks fell on Wednesday with the S&P 500 stalled near a 10-month-old high after weak data on Europe's business activity raised concerns about a recession.
Stocks dipped on Tuesday as shares pulled back after the Dow breached 13,000 for the first time since May 2008, the latest big move in stocks' recent rally.
The Dow Jones Industrial Average briefly climbed back above the psychologically important 13,000 level shortly before noon Tuesday for the first time since 2008.
Standard & Poor's Ratings Services said that it has affirmed Japan's sovereign debt rating at AA- along with maintaining its negative outlook as the country faces dismal fiscal position.
If upcoming earnings from U.S. retailers are as unimpressive as the rest of the profit season has been, Wall Street could face a tough time justifying a stock market at nine-month highs.
Stock index futures were little changed Friday as investors were set to take a breather from a rally that pushed the S&P 500 to a nine-month high in the previous session.
Standard & Poor's lowered the credit rating of 15 Spanish banks on Monday, following its downgrade of the nation's sovereign long-term debt last month.
Ratings agencies Fitch lowered its ratings on four big Spanish banks while Standard & Poor's cut its rating for the industry as a whole on Monday following recent sovereign downgrades and on concerns of funding difficulties and a weak economy.
Despite a mediocre earnings season and signs of an overbought market, Wall Street bulls are likely to remain in control this week.
Standard & Poor's downgraded the credit ratings of 34 Italian banks after lowering the country's credit just a month earlier.
The nation's two largest banks, UniCredit and Intesa Sanpaolo, had their credit ratings downgraded to BBB+ from A by S&P. The country's third largest bank, Banca Monte dei Paschi di Siena, was downgraded to BBB from BBB+.
U.S. stocks dropped on Friday as the most recent flare-up in Greek negotiations for a financial bailout package put the S&P 500 on track to snap a three-day winning streak.
Stocks dropped on Friday as the most recent flare-up in Greek negotiations for a financial bailout package put the S&P 500 on track to snap a three-day winning streak.