Standard & Poor's 500 index stocks jumped on Friday. Investors had another record close on corporate earnings. In addition, economic growth in China has been accelerated. The Standard & Poor rose 11.35 points, or 0.7%. They closed at an all time high of 1,744.50 and hit a new intraday high at 1,745.31.
The Dow Jones Industrial average gained 28 points, or 0.2%, to 15,399.65. The Nasdaq composite index surged 51.13 points or 1.3% to 3,914.28, Google shares surged past $1,000.
According to the Deputy chief investment officer at Wells Fargo Private Bank, “we've moved from the dysfunction of Washington to the reality of the global economy, and it looks pretty good. Google jumped $122.61, or 13.8% to close at $1,011.41, topping $1,000 a share for the first time after they reported a profit of nearly $3 billion during the third quarter, up 35% from a year earlier and exceeding all estimates. General Electric and Morgan Stanley topped Wall Street expectations for the 3rd Quarter; General Electric shares gained 3.5% and Morgan Stanley rose 2.6%.
“China's economic growth had a come back in the latest quarter to 7.8% from a two decade low of 7.5%, in the second quarter. They were helped by government stimulus measures. Hong Kong's Hang Seng index rose 1.1% to 23,340.10, on the news and China's Shanghai composite index added 0.3% to 2,193.78. Japan's Nikkei 225 dropped 0.2% to 14,561.54.
The United Kingdom's FTSE 100 index of leading British shares was up 0.7% to 6,622.58. Germany's DAX rose 0.6^ to 8,865.10. The CAC-40 in France rose 1.1% to 4,286.03.”
In the energy market, benchmark crude for November was up 12 cents at $100.79 a barrel, on the New York Mercantile Exchange. The contract dropped $1.62 to $100.67 on Thursday. The yield on a 10 year Treasury note was at 2.59%.
This happened on Thursday, the day after Congress passed a debt deal and averted a Government default. The Nasdaq was at a 13 year high.