The Dow Jones Industrial Average rallies but doesn’t keep up with SP500 and Nasdaq

Charles Dow

Major indexes rallied strongly last week on the strength of Google and Morgan Stanley earnings, but the Dow Jones Industrial Average (NYSEARCA:DIA) was weighed down by IBM.

Friday saw more strong buying as the Wall Street Journal reported that the Fed was unlikely to cut back on quantitative easing in October.

Google (NASDAQ:GOOG) powered the Nasdaq (NYSERCA:QQQ) higher as the company’s stock broke $1,000 for the first time, gaining more than 13% after a positive earnings report.

General Electric (NYSEARCA:GE) managed to jump 3.53 percent despite falling a penny short of earnings estimates of 37 cents per share.

The Dow Jones Industrial Average (NYSEARCA:DIA) picked up 28 points to finish Friday’s trading session at 15,399 for a 0.18 percent advance. The S&P 500 (NYSEARCA:SPY) surged 0.65 percent to a record-high close at 1,744.50 after hitting a new record intraday high of 1,745.31

China reported that its GDP expanded at an annual rate of 7.8 percent during the third quarter, compared with 7.5 percent expansion during the second quarter. For the first three quarters of 2013, the economy has grown at an annual rate of 7.7 percent, putting the nation ahead of its 7.5 percent growth target – so far.

China’s industrial production increased by 10.2 percent in September, as expected by economists. The nation’s retail sales rose 13.3 percent during the month. The Shanghai Composite Index climbed 0.24 percent to close at 2,193 (NYSEARCA:FXI). Hong Kong’s Hang Seng Index jumped 1.06 percent to end the day at 23,340 (NYSEARCA:EWH).

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