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(NECN) - Major indices continued to hit multi-year highs as earnings season kept propelling stocks Friday.
The Dow Jones industrial average gained 70 points to close at 13,896, while the Nasdaq Composite rose 19 points to finish at 3,149. The S&P 500 was up eight to close back above the 1,500 mark for the first time since the beginning of 2007.
John Morris, managing partner with Crestwood Advisors in Boston, has more on Friday's numbers.
So are these better-than-expected earnings reports a result of management or the economy improving?
"We'd say it's both. We're seeing about a 12 percent increase in profits for companies that have already reported so far, and we're also seeing top line revenue growing about 4.9 percent and consensus expectations about 4 percent, so it's a little bit of management there," Morris said.
Watch the attached video for more.