Stocks advance, approaching 2012 high

Art Cashin, UBS Financial Services, says we're likely to tiptoe into the weekend, mostly because people are trying to figure out where we stand.

By NBC News wire reports

Stocks edged higher Friday, after enjoying its biggest gain in two weeks Thursday that pushed the stock market closer to a post-financial crisis high.

The S&P 500 index is moving closer to its highest level so far this year.

The S&P 500 rallied for six days through August 10, its longest run of gains since December 2010, boosted by the anticipation of more stimulus from central banks in the United States and euro zone to stimulate their respective economies in September.

Since August 10, the S&P 500 had been little changed until Thursday, when comments from German Chancellor Angela Merkel -- which reinforced investor expectations for action -- lifted the benchmark index by its biggest percentage gain since August 3 to a four-month peak.

"It's all about Europe and Merkel's comments coming out which appeared to support Draghi, indicates that unless the German constitutional court does something outrageous, we may be moving in the right direction here - at least in the short term," Mendelsohn said.

Europe's top share index hit a 13-month high and was on track to record its best weekly winning streak in seven years on expectations that euro zone policymakers might resolve their differences and work closely to tackle the debt crisis.

Gap advanced after the clothing retailer posted a higher quarterly profit and raised its full-year forecast.

Foot Locker Inc jumped after the athletic footwear retailer posted second-quarter earnings that topped Wall Street estimates.

Marvell Technology Group Ltd dropped after the chipmaker posted second-quarter earnings and said current-quarter results may miss expectations.

Network storage equipment maker Brocade Communication Systems Inc's third-quarter results beat Wall Street estimates, boosted by a 13 percent rise in storage equipment sales, and the company said its chief executive intends to resign.

J.M. Smucker Co, the maker of Folgers coffee and Jif peanut butter, posted better-than-expected quarterly results as price cuts helped demand.

Thomson Reuters data shows that of the 468 companies in the S&P 500 that have reported earnings through Thursday morning, 68 percent beat analysts' expectations, about the same rate as over the past four quarters.

Asian stocks rose after Merkel's comments supporting the ECB's efforts to contain the euro zone debt crisis.

Reuters contributed to this report.

Source: http://marketday.nbcnews.com/_news/2012/08/17/13334653-stocks-advance-approaching-2012-highs?lite

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