S&P and NASDAQ on track for big weekly advance

US stocks have been buoyant today, as Wall Street put its Washington worries behind it and looks instead to corporate earnings.

With under an hour to the close of the stock market in New York, the S&P 500 was up 0.54% at 1742.5, on track to set a new record closing high and to post a weekly gain of more than 2%.

The NASDAQ 100 has performed even more strongly today, rising 1.46% to 3348.0, as technology stocks surged, led by a 13% spike in Google.

The government shutdown meant that once again this week economic data was extremely thin on the ground, but that is all set to change next week, as the delayed reports start to flood in, including the hugely important non-farm payrolls for September on Tuesday.

The macro data will be coming in alongside a steady stream of quarterly reports from US blue chip companies; on Monday we will hear from Dow component McDonald’s as well as Netflix, Texas Instuments and Halliburton, amongst others. More Dow components follow on Wednesday with AT&T and Caterpillar.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.