S& P 500 Extends Record Amid Stimulus Bets as Google Jumps

By Nick Taborek - Oct 19, 2013 4:49 AM GMT+0800

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U.S. stocks rose, giving the Standard & Poor?s 500 Index its best weekly gain since July, as results from Google Inc. topped estimates and speculation grew that the Federal Reserve will delay cutting monetary stimulus.

The S& P 500 added 0.7 percent to 1,744.50 at 4 p.m. in New York, extending an all-time high. The gauge has rallied 2.4 in the past five days, for its biggest weekly advance since July 12. The Dow Jones Industrial Average added 28 points, or 0.2 percent, to 15,399.65. About 6.6 billion shares changed hands on U.S. exchanges, 12 percent higher the three-month average.

?People are looking at earnings but they?re also looking at what they think is going to happen next,? Sarah Hunt, an associate fund manager and analyst who helps oversee $4.5 billion at Purchase, New York-based Alpine Woods Capital Investors LLC,said in a phone interview. ?After this political problem no one is expecting this to happen again in January. People are just looking for a little bit of a better economic backdrop to continue what?s been a pretty decent environment for stocks.?

Taper Estimates

Data Delay

The deal  will keep the government services running until Jan 15, when Republicans and Democrats will have to agree on a new tax-and-spending package. Congress will also have to vote by Feb 7 on whether to raise the debt ceiling or default on bond payments.

With A Final 285-144 Vote, Mission " Raise The Debt Ceiling" Is Accomplished: See You All Again In February

The BLS random number generator starts cranking again and informing everyone in just how sorry a state the economy finds itself, which of course is bullish for stocks because it means that the taper is indefinitely delayed, potentially until June 2014

the interim status quo is as follows:

• The government will be reopened through January 16
• The debt ceiling has been lifted through February 7, while the Treasury is allowed to use its assortment of emergency measures to delay running out of funds, which means the next true X-Date will hit sometime in April
• The House and Senate budget conference must reach a deal by December 13, but it may very well not achieve anything.
• Government workers get back pay for 16 days, and tomorrow return from a 2 + week vacation.
• The only thing that was actually " achieved" as a result of the government shutdown is to have income verification for Obamacare beneficiaries: something which should have been embedded in the ACA from the beginning.