S&P hits new highs, Dow bounces from triple-digit losses


Stocks reversed early losses to close mostly higher, with the S&P rallying to a new record high, as many investors think economic damage from the government shutdown will lead the Fed to keep easy money in place longer than otherwise expected.

The Dow recovered to finish flat after being down sharply for most of the day, weighed by weak earnings reports from IBM, Goldman Sachs and UnitedHealth.

Treasurys rallied, and short-term bills returned to more-normal levels, while the dollar index fell near its lowest level of the year as global investors perceive the debt deal as nothing more than a temporary fix.

Crude oil futures lost 1.6% to $100.67 for its lowest settlement in more than three months; gold jumped 3.2% to $1,322.70.

Comments (7)
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    The End is at a Record Nigh!
    17 Oct 2013, 04:58 PM Reply Like
  • al roman
    , contributor
    Comments (16992) | Send Message
     
    Outerperformed Who !?
    17 Oct 2013, 04:59 PM Reply Like
  • idkmybffjill
    , contributor
    Comments (1911) | Send Message
     
    And all is well in the world.
    17 Oct 2013, 11:16 PM Reply Like
  • happyguy
    , contributor
    Comments (238) | Send Message
     
    This reminds me house bubble in US few years ago. Everyone knows what happened after.
    18 Oct 2013, 01:07 AM Reply Like
  • bbro
    , contributor
    Comments (11216) | Send Message
     
    Total Market Capitalization as of today trades at 11 times NIPA Profits after Tax....18.513/1.669

     

    Point of reference...3q 2007 it was 14.13 times NIPA Profits after Tax
    18 Oct 2013, 01:17 AM Reply Like
  • idkmybffjill
    , contributor
    Comments (1911) | Send Message
     
    What is NIPA?
    18 Oct 2013, 10:19 AM Reply Like
  • EK1949
    , contributor
    Comments (2622) | Send Message
     
    "This reminds me house bubble in US few years ago. Everyone knows what happened after"

     

    Did you notice that the ones that don't burst aren't even called bubbles? What's up with that? The market goes up and up and then it starts going down and people say "Aha! It's bubble time!", then to everyone's disgust the market goes up again. Don't you hate it when that happens?
    18 Oct 2013, 03:13 AM Reply Like
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