Deutsche Bank analysts raised their year-end target for the index to 1,600 from 1,575.
Companies will be able to maintain their earnings even if lawmakers in Washington decide to implement wide-ranging spending cuts to narrow the budget deficit, the analysts said in a note sent to clients late Thursday.
The yield on the 10-year Treasury note, which moves inversely to its price, climbed 5 basis points to 1.91 percent.
Among other stocks making big moves.
— Halliburton gained $1.87 to $39.69 after posting a loss that was smaller than analysts had expected. The oilfield services company said fourth-quarter profits declined 26 percent to $669 million on increasing pricing pressure in the North American market and one-time charges from the Deepwater Horizon disaster. Wall Street had expected worse.
—Hasbro fell $1.45 to $37 after the toy maker said its fourth-quarter revenue failed to meet expectations because of poor demand over the holidays. The company plans to cut about 10 percent of its workforce and consolidate facilities to cut expenses.
— Green Mountain Coffee Roasters rose $1.10 to $44.88 after an analyst noted that sales of a competing coffee brewer introduced by Starbucks were getting off to a weak start.