Stocks posted gains for a second straight day, pushing the S&P 500 to a fresh 5-year closing high, after export data from China bolstered the view of an improving global economy. But investors are still cautious ahead of a slew of earnings reports next week. Also, initial jobless claims rose 4,000 to 371,000 in the latest week. A separate report showed that wholesale inventories rose 0.6% in November, which was higher than expected. Tech stocks edged higher, getting a lift from gains in Apple, which offset losses in Microsoft and Yahoo. Apple rose 1.24% after The Wall Street Journal reported that Apple CEO Tim Cook recently met with the chairman of China Mobile, triggering speculation that the mobile carrier may soon be offering the iPhone. Microsoft shed 0.9% after Morgan Stanley downgraded the stock, citing weakness in the personal-computer market and the lackluster launch of Windows 8. In the evening trade Chevron moved up 0.8% following the co.’s projection that its fourth-quarter earnings will be “notably higher” than in the third quarter. American Express lost 0.5% despite solid earnings and plans to eliminate about 5,400 jobs this year. Implied volatility inched lower on moderate trading volumes.
