Tech stocks rally as Google surges

October 18, 2013: 4:31 PM ET
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NEW YORK (CNNMoney)

Investors are high on Google (GOOG). Its stock surged more 13% on the back of robust earnings and topped $1,000 for the first time Friday..

The online search giant pulled up a slew of other well-known tech names with it. Amazon (AMZN), Facebook (FB), Yahoo (YHOO)! and LinkedIn (LNKD) all jumped more than 2%.

The Nasdaq was the best performing index, jumping more than 1% Friday. The tech-heavy index closed the week up more than 3%.

Related: Apple's iPad problem

The S&P 500 hits new highs: 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. They mostly like what they see.

The S&P 500 hit new highs this week, after Congress agreed to a deal to extend the debt ceiling. On Friday, the index rose another 0.7% and gained more than than 2% for the week.

The Dow Jones industrial average rose more modestly. It moved up 0.2% Friday and added 1% for the week.

Related: World still (reluctantly) loves the dollar

What's moving: Shares of Mexican fast food chain Chipotle (CMG) jumped more than 16%, surging to an all-time high thanks to strong earnings.

Can anything slow Chipotle down?

Most commenters on StockTwits were surprised by the market's extreme response to both Chipotle's earnings and Google's.

"Our economy consists of surfing the web $GOOG and eating burritos $CMG $SPY!!!" wrote HGB.

Ycharts questioned whether we're "in a burrito bubble? http://stks.co/anEZ $CMG

Many StockTwits users were more bullish on Google's potential.

"If you believe $GOOG can continue to innovate and grow profits as I do, there is absolutely no reason to sell now," wrote Jay McGill.

Related: Fear & Greed Index shifts from fear to neutral

The last of the big banks to report third-quarter results, Morgan Stanley (MS), wowed investors with earnings and revenue that topped forecasts.

General Electric (GE) shares rose more than 3% after the bank reported better-than-expected earnings.

J.C. Penney (JCP) continues to plummet. The troubled retailer's shares sank more than 4% Friday on more rumors of credit problems.

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Company Price Change % Change
Ford Motor Co 14.77 -0.02 -0.16%
Bank of America Corp... 17.03 -0.02 -0.12%
eBay Inc 55.53 -1.10 -1.94%
Apple Inc 100.41 -0.34 -0.34%
General Electric Co 25.36 -0.26 -1.01%
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