Closing Update: Markets Close Higher For Third Day in a Row, Carrying S&P 500 to Another Record Close

By Staff,

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Stocks closed higher Friday, with broad-based gains for the major market gauges supported by better-than-expected earnings results. Tech stocks in particular surged, with a near-14% jump for Google ( GOOG ) lifting the search engine above $1,000 a share for the first time. Strong economic data out of China overnight underpinned today's extended rally.

Investors also found support today from speculation the Federal Reserve will keep its quantitative easing program in place well into 2014 to compensate for downward impact of the two-week government shut-down that ended yesterday. That also kept pressure on bond yields today, with the yield for 10-year Treasuries falling to a four-month low. Prospects for a continued easy-money policy also lifted commodity prices today.

The Chinese government said third-quarter gross domestic product climbed 7.8% from a year earlier, meeting projections in separate Reuters and Dow Jones Newswires surveys of economists. Growth in retail sales slightly trailed the consensus forecast with industrial production slightly exceeding estimates.

Here's where the markets stood at end-of-day:

Dow Jones Industrial Average up 28.00 (+0.18%) to 15,399.65

S&P 500 up 11.35 (+0.65%) to 1,744.50

Nasdaq Composite Index up 51.13 (+1.32%) to 3,914.28


Hang Seng Index up 1.06%

Shanghai China Composite Index up 0.24%

FTSE 100 Index up 0.71%


(+) GOOG, Climbs to $1,000 a share for the first time ever after reporting non-GAAP EPS of $10.74, beating analyst expectations by $0.09 per share.

(+) CMG, Q3 revenue increased 18.0% over year-ago levels to $826.9 million, topping Street view by $6.9 million. Per-share earnings rise 17.2% to $2.66.

(+) MS, Reports Q3 EPS of $0.50 on $7.90 bln in revenue, topping analyst projection looking for a $0.41 per share profit on $7.52 bln in revenue.


(-) AMD, Chip-maker reports a quarterly profit for the first time since early 2012 but was less optimistic about the current period than analysts expected.

(-) PSVD, Its Iluvien prospective treatment for eye disease fails to win FDA approval.

(-) ARIA, Discontinues Phase III trial of its Iclusig drug candidate in patients with newly diagnosed chronic myeloid leukemia while the FDA investigates cardiac-related side effects

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: GOOG

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