The economy picked up steam in the 3rd quarter growing at a faster than expected 3.9% annual rate despite a credit crunch and sluggish housing market. The Dow jumped 52 points to 13,844 while Nasdaq rose 10 points to 2826.
On the upside
MasterCard (NYSE: MA) announced sharply higher revenues and earnings as the credit card processor made strides overseas in emerging markets.
Shares of Google (Nasdaq: GOOG) surged past the $700 mark as the Internet search engine announced plans to challenge Facebook's social networking application platform.
SiRF Technology (Nasdaq: SIRF) posted 3rd quarter results that beat targets while analysts upgraded the wireless chip maker.
On the downside
Shares of Garmin (Nasdaq: GRMN) slid on worries that a bidding war with Tomtom to buy Tele Atlas may result in paying more than $3.3 billion for the digital map maker.
LodgeNet Entertainment (Nasdaq: LNET) posted a 3rd quarter loss despite higher revenues which prompted an analyst downgrade.
Shutterfly (Nasdaq: SFLY), the online photo service, announced wider losses due to higher costs and smaller margins.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by a margin of 6 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 817.