S amp P 500 posts longest winning streak since 2004
The S&P 500 has enjoyed its longest rally since 2004.
The Standard & Poor's 500 (S&P 500) index has posted its longest winning streak since 2004, as major companies report increased profits and German business confidence drives shares higher.
Bloomberg reports that Starbucks – the world's largest coffee shop franchise – enjoyed an advance of four per cent, while consumer products manufacturer Procter & Gamble (P&G) gained by 3.6 per cent and raised its earnings forecast for this year.
P&G shares rose to $72.92 per unit after reporting better-than-expected second-quarter profits, while its net income more than doubled to $4.06 billion (£2.5 billion).
Some 76 per cent of the 147 companies on the S&P 500 lists that have released results so far this quarter exceeded profit prediction, while 67 per cent topped sales projections.
At 16:09 GMT today (January 25th), the S&P 500 Cash Index rose by 0.1 per cent to an index value of 1496.7 points – which is just lower than its 52-week zenith of 1502.2 points achieved this week.
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