Symbol Last Price Change GPRO 79.2 +10.95 (+16.04%) ABBV 62.9 +1.72 (+2.81%) MSG 74.945down +0.865 (+1.17%) SBUX 75.34 -1.98 (-2.56%) AAPL 107.4741 +0.4941 (+0.46%) QUOTES AS OF 10:14:50 AM ET 10/31/2014
By Barbara Kollmeyer and Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market surged in morning trade, sending the S&P 500 and Dow Jones Industrial Average into record territory, after a surprise fresh stimulus from the Bank of Japan.
The measures announced by Japan appeared to encourage investors looking for countries to take steps toward boosting flagging global growth, just as the Federal Reserve exited its bond-buying program.
The S&P 500 (SPX) had a new closing high every month since June 2013 -- but none this October, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
If the benchmark index closes at this level, this extraordinary trend will continue.
The Dow Jones Industrial Average (DJI) also hit an intraday record. The Nasdaq Composite (RIXF) rallied and is at the highest level since Feb 2000.
The main benchmarks are set to record hefty weekly gains, and, surprisingly, end the most turbulent month of the year higher. The S&P 500 also looks set to put the latest pullback behind it, fully recovering the losses.
Global stocks were boosted by the Bank of Japan's surprise increase in its stimulus, with the Nikkei 225 index soaring nearly 5%. The BOJ board voted 5-4 in favor of increasing the central bank's annual asset purchases to 80 trillion yen, from a prior target range of Yen60 trillion to Yen70 trillion, amid worries about dwindling inflation and downbeat economic data.
Investors did not dwell on softer-than-expected economic reports on consumer spending and labor costs. Consumer spending in the U.S. fell in September for the first time in eight months, while employment costs rose for the second straight quarter to mark the biggest back-to-back gain since 2008.
"The U.S. sends 4.5% of it exports to Japan, and so any action that can: (a) ward off the threat of deflation and the crippling effect that has on consumer expenditure; (b) give a boost to the Japanese economy, which is the world's third largest, has to be seen as a strong positive for future earnings potential," said Stephen Pope, managing partner at Spotlight Ideas.
More data at month's end: The final October reading on the University of Michigan/Thomson Reuters consumer-sentiment index rose to the highest level since July 2007.
Separately, Chicago PMI rose to a one-year high in October, helped by gains in new orders, MNI Indicators said Friday.
Stocks to watch: GoPro Inc.(GPRO) surged after results topped Wall Street estimates. AbbVie Inc. (ABBV) shares rallied after the company said sales and profit beat analyst forecasts.
Madison Square Garden Co. (MSG) shares rose after its fiscal first quarter revenue far surpassed analyst estimates. The company is currently considering splitting itself in two.
Starbucks Corp. (SBUX) is down after its first-quarter outlook fell below forecasts.
Shares of Apple Inc.(AAPL) hit an intraday record in morning trade and shares gained 34% since the start of the year.
Gold sinks as dollar soars: Gold prices (GCZ4) were trading at levels not seen since 2010, dropping nearly $34 to $ 1,164.30, with the dollar (USDJPY) trading around Yen112.01. Oil (CLZ4) also pulled back 1.5%. Asian markets were higher, with the Nikkei closing at its highest level in nearly seven years, on the back of the Japanese stimulus. European stocks rallied along with global stocks.
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