Stocks closed higher Friday, with the S&P 500 ending above 1,500 and logging its longest winning streak since November 2004, boosted by a batch of upbeat corporate earnings reports. All three major averages turned in their fourth-consecutive weekly gain.
"Slowly but steadily, things have moved up and we've seen some signs money being diverted into stocks instead of bond funds," said Art Cashin, director of floor operations at UBS Financial Services. "But having said that, none of the rally has turned into an outright stampede—We haven't seen huge volume or a sense of short squeeze."
Meanwhile, Apple fell to hit a 52-week low, extending losses a day after the iPhone maker plunged more than 12 percent. Apple has plunged nearly 40 percent from its all-time high of $705 a share in September. Apple lost its title as the world's most valuable company by market cap to oil giant ExxonMobil. (Read More: Why Apple No Longer Drives Markets)