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.

Comments (12)
  • Deja Vu
    , contributor
    Comments (1721) | Send Message
    The fed is pumping hydrogen and gasoline into a room filled with ozone. This results of this explosion will hurt many.


    Simultaneously the fed is inflating a tech bubble, a broader stock market bubble, becoming Freddie and Fannie combined by buying 85B of MBS, and also encouraging every single bank to becomea loan originator to have the raw materials to create MBS to sell to the Fed (that's why jumbo is now cheaper than non-jumbo - when banks are willing to charge you less to lend you more, you know something is out of whack).


    The iBanks are banking on the fact that they have now become depository institutions plus Dodd-Frank means they will now never be allowed to fail, to borrow even more recklessly than before and gamble on stocks, bonds and derivatives.


    As Dodd Frank stands, the next Hank Paulson won't need to ask Congress for money to bail them out, Dodd Frank gives the next treasury secretary a blank check to bail them out without any input from congress.


    Truly as I watch the Fed gangsters, the politician gangsters and the bank gangsters, I despair.
    18 Oct 2013, 04:30 PM Reply Like
  • PharmBoy
    , contributor
    Comments (79) | Send Message
    Instead of bitching about something way out of your control, you would do a lot better for yourself by taking advantage of this artificial market and seize the day while the sun in shining. The dark clouds will come, but not for a while. Nobody made a dime shorting this market.
    18 Oct 2013, 07:55 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4276) | Send Message
    The market leads the economy. Employment numbers are improving and the consumer is coming back. The ACA will drive down healthcare costs and the naturalization of immigrants will provide many millions of new workers to keep the tax coffers full. We are on the brink of an economic miracle. Put your cash to work. Earnings are set to explode.
    18 Oct 2013, 06:11 PM Reply Like
  • Dominic Faultz
    , contributor
    Comments (333) | Send Message
    18 Oct 2013, 07:13 PM Reply Like
  • tom_t
    , contributor
    Comments (306) | Send Message
    I don't see how the ACA can drive down healthcare costs for consumers. Is your doctor going to charge you less money? Is your hospital lowering its bills?
    18 Oct 2013, 08:23 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4276) | Send Message
    Everything is going to be perfect. Don't be a naysayer. Obamacare is just the beginning of a new paradise for mankind.
    18 Oct 2013, 08:45 PM Reply Like
  • jimnoles126
    , contributor
    Comments (167) | Send Message
    Went mostly to cash today after this recent "pop", thanks in part to congress not destroying the economy I assume. I'm glad I've made money due to the Fed, but there has to be something wrong when the market jumps up 1% every time the Fed says "the economy is too weak to reduce stimulus". I'm not old enough to have seen the warning signs of the last bubbles and hopefully we won't see another one, but I can't say I'd be surprised if we dropped hard after they stop QE (regardless of the reason).
    18 Oct 2013, 06:51 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4276) | Send Message
    It's not patriotic to book your gains. You're supposed to roll with the market. What kind of greater fool are you?
    18 Oct 2013, 06:53 PM Reply Like
  • al roman
    , contributor
    Comments (14410) | Send Message
    As from Mount Olympus the Ichor continues to trickle & flow.
    19 Oct 2013, 06:27 AM Reply Like
  • Morrison Marketing
    , contributor
    Comments (107) | Send Message
    Ichor= Blood of the gods
    19 Oct 2013, 10:10 AM Reply Like
  • al roman
    , contributor
    Comments (14410) | Send Message
    The Pantheon.
    19 Oct 2013, 10:40 AM Reply Like
  • buyandhold???
    , contributor
    Comments (907) | Send Message
    just wait till tesla crushes q3 guidance of 5k cars......the shorts are going to get toasted
    20 Oct 2013, 11:16 AM Reply Like
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