S&P Closes at Record High; Focus Turns to Earnings (VZ, GS)
After Congress passed a bill to temporarily increase the debt limit in the US, the S&P 500 hit a record close of 1,732,93 on Thursday. The index was also bumped up by positive quarterly earnings from Verizon (VZ) while IBM (IBM) and Goldman Sachs (GS) knocked the Dow lower. After the bell Google (GOOG) shared earnings that beat estimates for sales and profit.The most recent jobless claims report showed that the number fell by 15,000 last week but many note that the data is slightly skewed because of the government shutdown. Worries remain that the 16-day closure did damage to the economy, but it seemed that things were returning to normal in the markets on Thursday. Most global indices also had positive days including the Stoxx Europe, the FTSE in London and Japan's Nikkei index.
Word on the Street
- Fed may not taper until 2014 when the economy has sufficient strength.
- Verizon (VZ) announces a 40% improvement in profit in Q3.
- UnitedHealth's (UNH) Q3 profit inches 1% higher, misses expectations.
- Jobless claims drop last week as manufacturing activity continues to grow.
- Treasurys rally on Thursday after Congress approves temporary debt hike bill.
- Alnylam Pharmaceuticals' (ALNY) New Cholesterol Treatment Could be a Next Generation Blockbuster.
Published on Oct 17, 2013By InvestorGuide Staff