Investors put the government shutdown and default threat behind them and got back to work yesterday, pushing the Standard and Poor's 500 index to a record close for the second straight day.
"We've already seen a shift in the discussion from how to deal with the issues at hand to let's talk about how to improve growth," said Doug Handler, chief U.S. economist for research firm IHS Global Insight.
Christine Armstrong, senior vice-president at Morgan Stanley, agreed. "We're back to business," she said.
The S&P 500, up 22 percent this year, added 11.35 points yesterday, or 0.7 percent, to a record 1,744.50. The Nasdaq composite was up 51.13 points, or 1.3 percent, at 3,914.28. The Dow Jones industrial average rose 28 points, or 0.2 percent, to 15,399.65, and is 277 points below its own record.
Among the leaders yesterday was Google, rising 14 percent to above $1,000 a share for the first time after reporting third-quarter earnings that surpassed analysts' expectations. General Electric also reported higher than expected earnings, driving its shares up 3.5 percent. And Morgan Stanley jumped 2.6 percent on better than expected earnings.
Investors were relieved Washington extended the government's borrowing ability until Feb. 7 and funded the budget through Jan. 15. But Handler said there are still hazards that need to be dealt with.
"We really do need some sort of positive statement from Washington," he said.
And Armstrong believes the impact of the 16-day shutdown on the nation's economy will show itself in the coming months.
"This is a very tricky, dangerous market right now," she said.
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