The S&P 500 (INDEXSP:.INX)
and Russell 2000 (INDEXRUSSELL:RUT)
broke out to new all-time highs as investors cheered strong earnings reports from some important market leaders.
(NASDAQ:GOOG) was the star of the show today, surging 14% to break above the $1,000 level for the first time after the search giant reported excellent third-quarter financial results on Thursday
The huge bull move in Google helped propel a 1.3% increase in the Nasdaq Composite (INDEXNASDAQ:.IXIC)
as key Internet names like Facbeook
(NASDAQ:FB) and LinkedIn
(NASDAQ:LNKD) rose in concert.
Likewise, the bulls were encouraged by earnings beats from important industrial bellwether General Electric (NYSE:GE), investment bank Morgan Stanley (NYSE:MS), and energy company Schlumberger (NYSE:SLB). Fast-food play Chipotle (NYSE:CMG) was another major standout, rising 16% on better-than-expected revenues.
Additionally, the market may be benefiting from investors having hedged or sold holdings in anticipation of a "sell the news" reaction to Wednesday's budget deal approved by Congress. That reaction never came, and thus that money is likely coming back into the market to play catch-up with the surging indices.
In fixed income, US Treasury yields rose modestly, ending the sharp decrease seen since the aforementioned budget deal. Over on the commodity front, gold and silver were down modestly, while crude oil pushed fractionally higher.
There was no economic data reported today on account of the recent government shutdown.
Tomorrow's Financial Outlook
On Monday, we will once again start receiving regular US economic data.
At 10:30 a.m. EDT, Existing Home Sales for the month of September will be reported. Consensus currently stands at 5.3 million.
We also have some big names reporting earnings, including Halliburton
(NYSE:HAL) and McDonald's
(NYSE:MCD) before the open and Netflix
(NASDAQ:NFLX) and Texas Instruments
(NYSE:TXN) after the close.
No positions in stocks mentioned.
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