NEW YORK (January 4, 2013)--The Standard & Poor's 500 index closed at its highest level in five years as the stock market extended a New Year's rally Friday.
The S&P 500 ended at 1,466 Friday, the highest since Dec. 31, 2007, before the financial crisis and a gain of seven points on the day.
The index was up 4.6 percent over the past week after lawmakers passed a last-minute budget agreement that avoided a set of drastic tax increases and government spending cuts.
The Dow Jones industrial average ended the day up 43 points at 13,435.
The Nasdaq rose just one point to close at 3,101, held back by a decline in Apple.
Three stocks rose for every one that fell on the New York Stock Exchange where volume was higher than average at 3.4 billion shares.