NEW YORK (CNNMoney)
One day after the S&P 500 hit a new record high, those indexes continued to climb higher. The S&P 500 and the Nasdaq gained between 0.3% and 0.7% in early trading Friday. The Dow Jones industrial average dipped slightly.
Now that investors don't have to worry about the United States defaulting on its debt for at least a few months, they're turning their attention to the broader economy and corporate earnings.
Investors mostly like what they see.
Related: World still (reluctantly) loves the dollar
China's economic growth also offered some reason for optimism. China's economy grew 7.8% during the third quarter, the strongest performance since the end of last year.
Economists are becoming less worried that China's growth trajectory will slow down dramatically. The news from China helped send world markets higher, with shares in Hong Kong gaining more than 1%.
What's moving: Google (GOOG, Fortune 500) shares hit new highs, after the online search giant reported quarterly earnings and sales that beat expectations.
Shares of Mexican fast food chain Chipotle (CMG) also surged to an all-time high thanks to strong earnings.
Morgan Stanley (MS, Fortune 500), the last of the big banks to report, posted earnings and revenue that topped forecasts.
General Electric (GE, Fortune 500) reported a slide in quarterly earnings, dragged down by restructuring expenses. But profits were better than expected, sending the stock higher.
Related: Fear & Greed Index shifts from fear to neutral
Beyond earnings, British bank HSBC (HBC) said it will appeal after being ordered to pay at least $2.5 billion in damages after losing a U.S. class action case against Household International, a mortgage and credit card company that it bought in 2002.
First Published: October 18, 2013: 9:52 AM ET
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