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S&P 500 pushes further into record territory

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange on Thursday. (Oct. 17, 2013) Photo Credit: Bloomberg News

Investors shifted their focus from politics to profits Friday and liked what they saw, pushing the Standard & Poor's 500 index further into record territory.

Two days after Congress struck a last-minute deal to keep the United States from a devastating default on its debt, investors were bidding up stocks on surprisingly good profits from companies in industries both old and new.

General Electric and Morgan Stanley rose after reporting higher earnings than financial analysts had expected. Google surged nearly 14 percent, topping $1,000 a share for the first time to close at $1,011.41.

"We've moved from the dysfunction of Washington to the reality of the global economy, and it looks pretty good," said Ron Florance, deputy chief investment officer at Wells Fargo Private Bank.

The S&P 500 set a record for the second straight day, adding 0.65 percent to close at 1,744.50. The gain this year is the index's best since 2009, when it began its bull run. It's up 22 percent this year.

The Nasdaq composite was up 1.32 percent, at 3,914.28. The Dow Jones industrial average rose 28 points to 15,399.65 and is 277 points below its own record. -- AP


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