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
) 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%
UPSIDE MOVERS: GOOG,CMG,MS,AMD,PSVD,ARIA
(+) 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
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