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Stocks Surge Out of the Gate on Bank of Japan's Stimulus Surprise

Susannah Lee
10/31/14 9:59 AM EDT
U.S. stocks rallied straight out of the gate on Friday after the Bank of Japan's unexpected move to expand its stimulus program. Investors are brushing off the latest economic data showing both personal spending and income missed forecasts last month. Personal spending fell by 0.2%, expectations were for a rise by 0.1%. Personal income rose by 0.2%, estimates were for a rise of 0.3%. The Employment Cost Index also came in higher than economists expected, increasing 0.7%, the estimates were for 0.5%. Shares of the world's largest oil companies are rising after posting earnings that beat estimates. Exxon (XOM) and Chevron (CVX) both reported they fell shy on revenue expectations. LinkedIn (LNKD) is rising in early trading after exceeding its Q3 earnings estimates. The networking company also said it saw an uptick in activity from businesses looking to recruit new employees.
Stocks in this video: ^DJI^IXIC^GSPCXOMCVXLNKD

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