S&P Hits Another High; Google Reaches $1000 a Share (GOOG, GE)
On Friday stocks extended their gains with the S&P index continuing its record rally from Thursday. The major indices in the US positioned themselves for the best week since the middle of July on several positive quarterly results and the expectation that the US government will continue with stimulus measures. Google (GOOG) extended its rise after reporting a large jump in revenue. Chipotle (CMG) surged 15% after beating estimates for the third quarter. Amazon (AMZN) also rose on Friday after its stock was upgraded from neutral to buy.Advanced Micro Devices (AMD) stumbled 12% after warning Wall Street of a possible drop in Q3 sales. Positive data was released in China that showed a Q3 growth that rose to 7.8% year over year. European shares also increased and reached a five-year high. The euro briefly hit the $1.37 level for the first time since February before ending lower.
Word on the Street
- Now that Congress has approved back pay, many states want money back from unemployment claims.
- The US dollar falls against the euro on the delayed taper.
- General Electric (GE) post strong Q3 earnings and see shares rise on Friday.
- Google (GOOG) beats expectations and flirts with $1,000.
- China releases upbeat data, European markets on track for seven-day winning streak.
- Aria (ARIA) Gets Crushed After its Only Approved Treatment is Put on Hold.
Published on Oct 18, 2013By InvestorGuide Staff