Markets climbed, Google passed the $US1,000 landmark, and Chipotle had a monster day.
First, the scoreboard:
- Dow: 15,398.88, +27.23 (0.18%)
- S&P 500: 1,744.45, +11.30 (0.65%)
- NASDAQ: 3,914.28, +51.13 (1.32%)
And now the top stories:
- After announcing earnings yesterday afternoon, Google stock crossed the $US1,000 barrier shortly after the opening bell this morning and kept heading higher, driven by a 28% increase in paid clicks in Q3 from the year previous. Total revenues jumped 12% to $US15 billion.
- Chipotle also had a monumental day, up 15% in Friday trading. On Thursday, CEO Steve Ells said the company will raise prices 3% to 5%, but it also saw net income rise more than 15% in Q3. Ells said that they could open 200 new restaurants next year.
- Goldman Sachs head of commodities research Jeffrey Currie says that now is not the time to sell gold, though he recommended the move once the U.S. fiscal battle subsided. “Gold is still waiting for data confirmation of a US rebound that can support tapering even as the lack of a lasting US resolution could delay tapering,” he wrote in a note to clients.
- Investors yanked $US70 billion from money-market funds this week, an outflow equivalent to that during the debt ceiling crisis of 2011. “But unlike 2011, the ‘flight-to-quality’ this time is to stocks ($17bn inflows) rather than bonds ($3bn outflows),” BofA Merrill Lynch chief investment strategist Michael Hartnett wrote to clients. “Corporations are safer than countries.”
- Bank of America has downgraded its GDP growth forecast for Q1 2014, thanks to the fact that Congress’ deal to end the shutdown only kicks the proverbial can until early next year. “We continue to see just 2% 4Q GDP growth, but we have cut 1Q back from 3.3% to 2.8%,” wrote Ethan Harris, BAML’s co-head of global economics research.
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