NEW YORK, Jan. 28 -- U.S. stocks closed higher for a fourth week on Friday as the S&P 500 closed above 1,500 for the first time since December 2007 after rising for eight straight sessions.
The Dow Jones Industrial Average leapt 70.65 points, or 0.51 percent, to 13,895.98. The broader S&P 500 Index rallied 8.14 points, or 0.54 percent, to 1,502.96. The tech-heavy Nasdaq Composite Index jumped 19.33 points, or 0.62 percent, to 3,149.71.
The three major indices were boosted by a batch of relatively positive corporate earnings and an upbeat business sentiment index in Germany released Friday.
For the whole week, the market gained strength from positive tech companies' earnings report, rosy economic fundamentals and a bill passed by the U.S. House to extend in a short term the debt ceiling for three months.
For the week, the Dow moved up 1.8 percent, the S&P 500 jumped 1.1 percent to close above 1,500 and the Nasdaq climbed 0.5 percent.
Samsung, Procter & Gamble and Starbucks released quarterly earnings before the market opened on Friday.
Samsung' s fourth-quarter profit soared 76 percent to a record high of 7.04 trillion won, or 6.6 billion U.S. dollars, from 4.01 trillion won, or 3.8 billion dollars, in the same period the previous year.
Additionally, the Apple' s archrival reported strong sales of its flagship Galaxy S III smartphone and Galaxy Note II tablet. The company' s fourth-quarter sales outperformed Apple and climbed to 56 trillion won, some 32.2 billion dollars.
Compared with Apple' s 47.8 million shipment of iPhones in the reporting period, research company International Data Corp. put Samsung' s smartphone shipment at 63.7 million, while Strategy Analytics put it at 63 million.
Based on these figures, Samsung would account for about 30 percent of the smartphone market and Apple about 20 percent.
Apple fell sharply in the previous trading day due to its lower-than-expected but still record-high earnings and sales. The company slid 2.36 percent to 439.88 dollars per share after slumping more than 12 percent in the previous session.
As a result, Apple has lost its title as the most valuable public company to oil giant Exxon Mobil. A year ago, Apple overtook Exxon in market capitalization.
On the economic front, U.S. new home sales fell 7.8 percent in December to an annual rate of 369,000, significantly lower than expectations, according to data released Friday by the U.S Commerce Department. But the sales in 2012 still rose to the highest level since 2009.
In Europe, the upbeat Ifo Business Climate Index of Germany encouraged investors. The index rose to 104.2 in January from 102.4 in December, topping analysts' forecast of 103. The figure marks the highest level in seven months, indicating a rosier economic outlook of the European economic powerhouse.
Procter & Gamble shares added 4.02 percent to 73.25 U.S. dollars as its quarterly earnings and revenue released before Friday' s opening bell beat market expectations.
Starbucks shares gained 4.10 percent to 56.81 dollars after it reported its quarterly earnings that met estimate.
On other markets, U.S. crude oil price slipped slightly on the news about the cooling U.S. new home sales in December and an increase of crude inventories.
Light, sweet crude for March delivery slipped 7 cents, or 0.07 percent to settle at 95.88 dollars a barrel on the New York Mercantile Exchange. For the week, it inched up 32 cents, or 0.33 percent.
Brent crude for March delivery ended flat at 113.28 dollars a barrel on the ICE Futures Exchange in London, posting a weekly gain of 1.39 dollars, or 1.24 percent.
The U.S. dollar traded mixed against major currencies. The greenback continued rising versus the Japanese yen due to the Asian country's easing monetary policy, but retreated against the euro.
In late New York trading, the euro climbed to 1.3465 dollars from 1.3372 dollars in the previous session and the British pound rose to 1.5800 from 1.5790 dollars.
The dollar slid to 0.9263 Swiss francs from 0.9282 and rose to 1.0078 Canadian dollars from 1.0030. The dollar bought 91.04 Japanese yen, higher than the 89.95 yen in the previous session.