S&P 500 extends record amid stimulus bets as Google surges

United Healthcare extends losses

Nine out of 10 main industries in S&P 500 advanced, with technology and industrial companies rising at least 1.1% to pace gains.

Google surged 14% to a record $1,011.41. The owner of the world’s biggest search engine said revenue, excluding sales passed on to partner sites, of $11.92 billion exceeded the average analyst as the number of promotions sold via mobile, video and other services made up for shrinking advertising prices.

Google’s rally helped the Nasdaq 100 Index gain 3.7 this week, for its highest close since Oct. 23, 2000.

GE, Morgan Stanley

General Electric added 3.5% to $25.55 for the biggest gain in the Dow. The company’s earnings beat analysts’ estimates as industrial sales climbed, led by demand for jet engines and drilling equipment, and rising orders pushed its backlog to a record.

Morgan Stanley advanced 2.6% to $29.69. Earnings beat analysts’ estimates as equity-trading revenue jumped the most among the biggest Wall Street firms and the wealth- management profit margin climbed.

Chipotle Mexican Grill surged 16%, the most since May 2007, to a record $509.74. The chain is spending more on marketing and traditional advertising to help maintain revenue growth that was the fastest among restaurant chains in the S&P 500 last year.

Amazon.com Inc. rallied 5.8% to $328.93 to close at a record. UBS AG analyst Eric Sheridan raised his rating on the stock to buy from hold, saying he expects revenue growth to accelerate in the fourth quarter. 

Oil services

Schlumberger Ltd. gained 2.8% to $93.99 as the world’s largest oilfield-services provider said quarterly net income climbed to $1.7 billion, or $1.29 a share, from $1.4 billion, or $1.07, a year earlier.

Baker Hughes Inc. gained 7.3% to $55.55 as the oil services provider reported third-quarter profit that beat analyst estimates and said it expects “solid, profitable” international growth in 2014.

UnitedHealth dropped 3.7% to $68.76, a three-month low. Shares in the largest U.S. health insurer yesterday fell the most in more than two years after the company reported worse-than-forecast results.

Home Depot Inc. slid 1.4% to $74.69 and Lowe’s Cos. sank 2.8% to $47.66. Cleveland Research analyst Eric Bosshard cut his estimates for both retailers’ third-quarter same-store sales growth, citing moderating demand.

Intuitive Surgical Inc. slumped 5.7% to $376.52. The maker of surgical robots said third-quarter net income declined to $156.8 million, or $3.99 a share, from $183.3 million, or $4.46, a year earlier. Revenue dropped 7.2% to $499 million. That fell short of the average estimate of $525.9 million from 18 analysts compiled by Bloomberg.

 

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