real-time news and commentary for investors
Friday, Oct 18
S&P sets new high, Google ends above $1,000
- The S&P 500 closed at a record high for a second straight day and tallied its best weekly gain since mid-July, as the market refocuses on fundamentals and most companies beat bottom-line forecasts.
- Google topped $1,000 for the first time after Q3 results crushed analysts' estimates; GE jumped to a five-year high, and Morgan Stanley and Chipotle also rose, after their Q3 reports.
- The Dow again was held down by IBM, which issued a disappointing report after Wednesday's close; the index eked out a gain after fluctuating between small gains and losses.
- Markets also were aided by the news that China's GDP grew 7.8% in Q3.
- Treasury prices inched higher, while the dollar neared its lowest level for the year against the euro and declined against the yen.