* Exxon Mobil leads Dow after Buffett buy
* J.C. Penney, FedEx gain on hedge fund stakes
* Dow, S&P post sixth straight week of gains
* Indexes up: Dow 0.5 pct; S&P 0.4 pct; Nasdaq 0.3 pct
By Luke Swiderski
NEW YORK, Nov 15 (Reuters) - The Dow and the S&P 500 hit newhighs on Friday for a sixth straight week of gains, as investorscontinued to take cues from Federal Reserve Chair nominee JanetYellen, who told a Senate Committee it was too early to end thecentral bank's stimulus.
Shares of Exxon Mobil Corp led the blue chip Dowindex higher. They rose 2.2 percent to $95.27 a day after WarrenBuffett's Berkshire Hathaway Inc disclosed anew $3.45 billion stake in the second-largest U.S. company bymarket value, behind only Apple Inc
Both the S&P and Dow capped a fourth straight day of gainsand the S&P 500 finished within two points of 1,800, as investorconfidence in the market remained high.
"I think there is a general expectation that the market isgoing to continue to rally for the rest of the year," said BradMcMillan, chief investment officer for Commonwealth Financial,based in Waltham, Massachusetts.
"Retail investors are starting to move back in and I thinkthat's providing a fair amount of support."
Toward the end of the year, fund managers who are trailingtheir benchmarks may help boost stocks as they chaseperformance.
"I think it's going to be a slow grind up," said Dan Veru,chief investment officer at Palisade Capital Management, addingthat the only thing "that can derail this is some exogenousmacroeconomic event that comes out of nowhere."
The Dow Jones industrial average was up 85.48 points,or 0.54 percent, at 15,961.70. The Standard & Poor's 500 Index was up 7.56 points, or 0.42 percent, at 1,798.18. TheNasdaq Composite Index was up 13.23 points, or 0.33percent, at 3,985.97.
A number of big hedge funds disclosed they took positions inailing department store J.C. Penney Co, sending itsshares up 3.9 percent to $9.03.
FedEx Corp shares added 1.6 percent to $138.65 afterfilings showed Daniel Loeb's Third Point LLC, George Soros'Soros Fund Management LLC and John Paulson's Paulson & Co alltook stakes in the company.
Shares of Electronic Arts Inc fell 7.3 percent to$24.06 a share. Omega Advisors, owned by billionaire LeonCooperman, said in a Thursday filing it had dissolved its stakeof 750,000 shares in the video game publisher.
InterCloud Systems Inc shares surged 271 percent to$9.46 after the cloud computing and consulting services companysaid its quarterly revenue rose five-fold to $16.2 million.
Data showed New York state's manufacturing sectorunexpectedly shrank this month while U.S. industrial productionfell in October as output at power plants and minesdeclined.
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- Exxon Mobil
- Berkshire Hathaway Inc