Global stocks rose, extending a five-year high, and commodities gained as China’s economic growth quickened. Google Inc. (GOOG) jumped as much as 14 percent to a record above $1,000 on better-than-forecast earnings. Treasury 10-year note yields touched a 12-week low.
The MSCI All-Country World Index advanced 0.7 percent to 396.25, the highest since May 2008. The Standard & Poor’s 500 Index (SPX) added 0.7 percent to 1,744.50, reaching a record for a second day. The yield on 10-year Treasury notes was little changed after dropping to 2.54 percent, the lowest level since July 24. China’s yuan had its best week in a year. Wheat, sugar and nickel rose more than 1 percent to lead commodities higher.
China’s gross domestic product expanded 7.8 percent last quarter, the statistics bureau said in Beijing today, matching the median estimate in a Bloomberg News survey of economists and halting a two-quarter slowdown. Federal Reserve Bank of Chicago President Charles Evans said yesterday the U.S. shouldn’t reduce stimulus after some economic reports stopped during a 16-day government shutdown. Google, General Electric Co. and Morgan Stanley joined the 70 percent of S&P 500 companies beating earnings estimates so far in the reporting season.
The MSCI All-Country World Index advanced 0.7 percent to 396.25, the highest since May 2008. The Standard & Poor’s 500 Index (SPX) added 0.7 percent to 1,744.50, reaching a record for a second day. The yield on 10-year Treasury notes was little changed after dropping to 2.54 percent, the lowest level since July 24. China’s yuan had its best week in a year. Wheat, sugar and nickel rose more than 1 percent to lead commodities higher.
China’s gross domestic product expanded 7.8 percent last quarter, the statistics bureau said in Beijing today, matching the median estimate in a Bloomberg News survey of economists and halting a two-quarter slowdown. Federal Reserve Bank of Chicago President Charles Evans said yesterday the U.S. shouldn’t reduce stimulus after some economic reports stopped during a 16-day government shutdown. Google, General Electric Co. and Morgan Stanley joined the 70 percent of S&P 500 companies beating earnings estimates so far in the reporting season.
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