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S&P 500 reaches all-time high after US debt deal

Oct. 18, 2013 @ 12:00 AM

NEW YORK -- The stock market hit an all-time high Thursday as investors put the government shutdown and debt ceiling crisis behind them and focused on corporate earnings.

The Standard & Poor's 500 index rose 11.61 points, or 0.7 percent, to close at 1,733.15 -- a record close.

The market rose throughout the day as investors got back to focusing on corporate earnings and economic data. American Express and Verizon rose the most in the Dow Jones industrial average after reporting earnings that beat expectations from financial analysts.

The Dow ended the day down two points, or 0.01 percent, to 15,371.65. The index of 30 big U.S. companies was held back by declines in IBM, Goldman Sachs and UnitedHealth.

IBM's third-quarter revenue fell and missed Wall Street's forecast by more than $1 billion. The stock closed down $11.90, or 6 percent, to $174.80. Earlier, it had touched its lowest level of the past year -- $172.57

Goldman Sachs also weighed down the index. The investment bank's revenue fell sharply as trading in bonds and other securities slowed. Goldman fell $3.93, or 2.4 percent, to $158.32.

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