Charles Payne Will be Hosting Cavuto on Fox Business Network at 8 p.m. EST
By Carlos Guillen
Equity markets have been bouncing around so far into today's trading session as investors are back to debating if the Fed will keep stimulus intact. However, most believe stimulus will continue as is.
One encouraging bit of news was that China's economic growth accelerated. Gross Domestic Product in the world's second largest economy rebounded in the latest quarter, easing pressure on communist leaders for more stimulus and allowing them to focus on longer-term reforms. GDP increased by 7.8 percent on a year over year basis in the three months ending in September, boosted by higher government spending, which was up from a two-decade low of 7.5 percent in the prior quarter. So for now it is apparent that China has fundamentals that are better than many thought.
While it has been a light day on the economic data front from here at home, we did get some very encouraging results from the private sector with Google Inc. soaring to new record levels. As it stands Google shares are up over 13 percent after the company beat Wall Street's forecasts with third-quarter earnings that rose 36 percent from the same period last year. The results were so encouraging that it motivated a number of analysts to raise their targets on the stock to over $1,000 per share.
For now, investors appear to be of the mentality that it is time to pick up stocks that have been beaten down as a result of the government fiasco, and the continuing likelihood of no tapering anytime soon is also motivating more and more investors into the market. Now that the government is back to work, next week should be a week full of data to play with.