News Column

Stocks Ride High, S&P 500 Has Record Close

October 18, 2013

UPI Business News

standard & poor's

The Standard & Poor's 500 index closed at a record high Friday in New York as investors contemplated corporate profits rather than Washington.

The three-week distraction in the nation's capital -- a government shutdown and a looming potential for a federal default -- ended Thursday.

As if at a tennis match, investors turned their concentration on corporations Friday. The S&P 500 was helped by a positive report from Google. General Electric also turned in a report that also beat expectations.

The S&P added 11.35 points, 0.65 percent, to 1,744.50.

The Dow Jones industrial average added 28 points or 0.18 percent to 15,399.65. The Nasdaq composite index of tech-dominated stocks added 51.13 or 1.32 percent to 3,914.28.

In Asia, the Nikkei 225 index in Tokyo slid 0.17 percent, dropping 24.97 points to 14,561.54. The Hang Seng index in Hong Kong gained 245.22 points or 1.06 percent to 23,340.10.

In Europe, Germany's DAX index also closed at a record high, climbing 0.6 percent to 8,865.10. In London, the FTSE 100 index gained 0.71 percent or 46.42 points to 6,622.58.

On the New York Stock Exchange, 2,214 issues advanced while 877 declined on volume to 3.6 billion shares.

On currency markets, the euro fell to $1.3684 and the dollar fell 97.79 yen. On the Comex division of the New York Mercantile Exchange, gold shed $7.20 to $1,315.80 per troy ounce while silver lost 3.2 cents to $21.915.

On the Chicago Board of Trade, corn for December delivery lost 1 1/2 cents to $4.41 1/2 per bushel. November contract soybeans dropped 3 1/4 cents to $12.90. Wheat for December added 18 cents to $7.04.

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Original headline: Stocks head higher, S&P has record close

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