China growth, US earnings push US stocks higher

PUBLISHED : Saturday, 19 October, 2013, 10:07am
UPDATED : Saturday, 19 October, 2013, 10:07am

Stronger economic growth in China and a pickup in US corporate earnings are sending the stock market mostly higher in early trading.

General Electric, Morgan Stanley and Baker Hughes all rose early Friday after reporting higher earnings that financial analysts were expecting.

The Standard & Poor’s 500 index was up six points, or 0.3 per cent, at 1,739 shortly after trading began Friday. The S&P 500 is pushing further into record territory after closing at an all-time high Thursday.

The Dow Jones industrial average of 30 major stocks edged down three points, or 0.02 per cent, to 15,368.

The Nasdaq composite rose 23 points, or 0.6 per cent, to 3,887 points.

China’s economy grew 7.8 per cent in the three months ending in September.