A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
NEW YORK (AP) -- Traders on Wall Street are now focusing on corporate profits instead of political bickering in Washington.
Two days after Congress struck a last-minute deal to keep the U.S. from defaulting on its debt, investors were bidding up stocks on surprisingly good profits from companies in both old and new industries and a rebound in Chinese economic growth in the latest quarter.
The S&P 500 set a record Friday, for the second straight day. The broad index of companies, up 22 percent this year, added 11 points, or 0.7 percent, to a record 1,744.
The Nasdaq composite was up 51 points, or 1.3 percent, at 3,914. The Dow Jones industrial average rose 28 points, or 0.2 percent, to 15,399. The blue-chip index is 277 points below its own record.