BUZZ-U.S. stocks: Head in the clouds

Fri Oct 23, 2015 4:13pm EDT
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** A top-heavy rally on Friday boosts the S&P 500 index to a 2.1-pct weekly gain, and into positive territory YTD, with tech giants leading the way

** Transition to cloud computing powers Microsoft , Amazon, and Google parent Alphabet , while Facebook finally pierces $100

** Tech <.SPLRCT), easily week's best S&P performer, spurs the Nasdaq 100 index toward record high levels

** KLA-Tencor week's top single-stock riser as semiconductor M&A and strong Texas Instruments earnings propel the SOX to a 3-mth high

** Pleasant surprise as industrials, despite posting just average results, surge; traders see short squeezes in capital goods stocks such as United Rental and Caterpillar

** Providing equal amount of pain, however, healthcare remains under siege: Valeant and AbbVie compound drugmakers' ills and Community Health's negative preannouncement infects hospital operators

** Consumer stocks at highs as turnaround at McDonald's sizzles

** Meanwhile, Ferrari NV shines amid a stalled IPO market