Closing BellHere's what happened on Wall Street Friday, October 20.
All three major U.S. averages closed in the green. Tax cut progress launched the Dow Jones Industrial Average, S&P 500 and Nasdaq to new records.
The S&P 500 rose 0.51%, the Dow Jones Industrial Average jumped 0.71% and the Nasdaq climbed 0.36%.
GE Turns Positive in Afternoon Trading on FridayShares of General Electric ( GE) were in the green during afternoon trading on Friday after the company posted weaker-than-expected third-quarter financial results.
Shares had been lower over 2.5% during early morning trading on Friday after the conglomerate posted earnings of 29 cents per share, falling short of FactSet analysts' expectation of 49 cents per share. GE CEO John Flannery called the report "unacceptable."
The rise throughout the trading session has been in the aftermath of Flannery's pledge to CNBC that he would orchestrate a turnaround with focus on breeding candor within the company's culture, increasing operating rigor and reviewing capital allocation.
A top Apple Executive Will Reportedly Meet with Foxconn CEOApple ( AAPL) COO Jeff Williams will meet with Terry Gou, the CEO of Foxconn ( FXCOF) , later this month, according to Nikkei Asia Review.
Foxconn is a primary manufacturer of the Apple iPhone X and its 3D sensor module. The meeting is said to focus the production of the smartphone and possible shipping delays.
Bitcoin Surpasses $6,000 for First Time EverDuring trading on Friday, bitcoin rose to as much as $6,003.81, according to CoinDesk's Bitcoin Price Index (BPI).
Bitcoin, however, has since receded to roughly $5,969, good for an over 4.5% jump in midday trading on Friday.
Microsoft Smart Speaker Launching this WeekendMicrosoft ( MSFT) on Sunday will begin selling its all-new smart speaker powered by Samsung Electronics' ( SSNLF) Harmon Kardon speakers and equipped with the company's voice assistant Cortana.
The Wall Street Journal first reported the device's launch date. The speaker will cost $199.
The speaker gives users the ability to voice control their music and smart home, make and receive hands-free calls with Skype, and get answers to your questions.
Schlumberger Matches Wall Street 3Q Estimates, Cautious on North AmericaShares of Schlumberger Ltd. ( SLB) were falling over 4% in early morning trading on Friday after the oil conglomerate reported third-quarter earnings in line with analyst expectations.
The Houston-based oilfield services giant reported earnings of 42 cents per share, matching expectations by analysts polled by FactSet expected. Revenue came in at $7.905 billion for the third quarter, just above analysts' forecast of $7.903 billion.
Net profit rose over 200% year-over-year to $545 million this quarter versus $176 million in the same period last year.
Schlumberger said its North American business continues to benefit from robust shale drilling, but investment in the region is lessening.
"In the U.S. Gulf of Mexico, activity continued to weaken in the third quarter, and the outlook remains bleak for this region based on current customer plans," Schlumberger said in a statement.
P&G Reports Mixed Quarterly ResultsShares of Procter & Gamble ( PG) were falling over 1.3% during premarket trading on Friday after the consumer goods giant posted mixed fiscal first-quarter results.
P&G posted adjusted earnings of $1.09 per share, surpassing estimates for $1.08 per share. Revenue came in at $16.653 billion, falling below consensus for $16.698.
The results come as activist investor Nelson Peltz looks to shake up the company. Peltz, who has $3.5 billion in P&G shares, has been seeking one seat on the $230 billion market capitalization company's board.
Preliminary results of the shareholder vote disclosed Monday, Oct. 16, gave Peltz 49.8% of the vote, which if confirmed by an inspector of elections would mean that the activist investor just missed gaining a boardroom seat at P&G.
PremarketU.S. futures were in the green across the board Friday, pointing toward a record high on the S&P 500 in early trading. Crude futures, however, were falling 0.62% to $50.97 per barrel.
Markets in China were mostly climbing higher on Friday following a down day on Thursday after the country reported slowing economic growth. The world's second-largest economy grew 6.8% year over year in the third quarter, down from the 6.9% growth rate it said in the first half of the year.
The Hang Seng rose 1.2%, and the Shanghai Composite was higher 0.3% Friday.
In Europe, markets were mostly in the green as well. The FTSE 100 was climbing 0.17%, and the Euro Stoxx 50 was rising 0.13%. The CAC 40 in France and the DAX in Germany were climbing as well.