Economics
U.S. Stocks Rise to 5-Year High on Earnings Before Obama
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U.S. stocks advanced, sending benchmark indexes to five-year highs, as earnings topped estimates and investors awaited President Barack Obama’s State of the Union address.
Bank of America Corp. and Citigroup Inc. gained at least 2.8 percent as banks rallied. Avon Products Inc. soared 20 percent amid better-than-estimated profit and a plan to consider options for its Silpada jewelry unit. Michael Kors Holdings Ltd. rose 8.8 percent after raising its forecast in anticipation of a jump in same-store sales. Coca-Cola Co. fell 2.7 percent as volume sales missed forecasts. Apple Inc. lost 2.5 percent.