Mid-Day Update: Google Rally Lifts S&P To Record High; Investor Confidence Restored by Positive Earnings

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Stocks are mostly higher today, with strong gains in the tech sector lifting the S&P 500 to another record high. Shares of technology companies in S&P 500 are up more than 1.3% as a group with Google ( GOOG ) riding a 12% advance and earlier crossing the $1,000 a share mark for its first time ever after post better-than-expected Q3 results. Financial and healthcare stocks, however, are struggling and dragging the Dow Jones Industrials index to a small decline.

Investors also are finding support in the interest-rate environment, with most market participants again expecting the Federal Reserve to keep its quantitative easing program in place due to the dampening impact from the government shutdown and subsequent deterioration in consumer sentiment. Bond yields have backed up another 6 to 7 basis points, driving the 10-year yield to a four-month low of 2.54%.

European markets closed the week on the plus side thanks to upbeat Chinese economic data as well as encouraging developments on the political front from Germany as Chancellor Merkel appears close to forming a coalition government with the SDP.

Crude oil was up $0.46 to $101.12 per barrel. Natural gas was down $0.05 to $3.93 per 1 million BTU. Gold was down $7.30 to $1,315.70 an ounce, while silver was down $0.01 to $21.94 an ounce. Copper was up $0.01 to $3.30 per pound.

Among energy ETFs, the United States Oil Fund was up 0.33% to $36.50 with the United States Natural Gas Fund was down 1.52% to $19.04 Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 0.07% to 24.50 while SPDR Gold Shares were down 0.28% to $127.07. The iShares Silver Trust was up 0.45% to $21.14.

Here's where the markets stand at mid-day:

NYSE Composite Index up 26.14 (+0.26%) to 9,960.99

Dow Jones Industrial Average down 9.67 (-0.06%) to 15,361.98

S&P 500 up 6.92 (+0.40%) to 1,740.07

Nasdaq Composite Index up 34.38 (+0.89%) to 3,897.53

GLOBAL SENTIMENT

Nikkei 225 Index down 0.17%

Hang Seng Index up 1.06%

Shanghai China Composite Index up 0.24%

FTSE 100 Index up 0.71%

CAC 40 up 1.09%

DAX up 0.60%

NYSE SECTOR INDICES

NYSE Energy Sector Index up 0.71%

NYSE Financial Sector Index up 0.11%

NYSE Healthcare Sector Index down 0.53%

UPSIDE MOVERS:

(+) GOOG, (+12.1%) 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, (+13.0%) 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, (+2.0%) 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.

DOWNSIDE MOVERS

(-) AMD, (-12.1%) 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, (-22.0%) Its Iluvien prospective treatment for eye disease fails to win FDA approval.

(-) ARIA (-38.9%) 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 The NASDAQ OMX Group, Inc.

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


This article appears in: Investing , Commodities

Referenced Stocks: GOOG

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