News Summary: S&P 500 closes above 1,500

Last Updated: Fri, Jan 25, 2013 22:30 hrs

: The Standard & Poor's 500 index closed above 1,500 on Friday for the first time since the start of the Great Recession in 2007, lifted by strong earnings from Procter & Gamble and Starbucks.

TURNAROUND AT WORK: Procter & Gamble, which makes a host of consumer products including Tide detergent and Gillette razors, gained $2.83 to $73.25 after reporting that its quarterly income more than doubled. P&G also raised its profit forecast for its full fiscal year.

NEW LEADER: Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter. Exxon gained 38 cents to $91.73 for a market capitalization of $418 billion.

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