Global Stocks, Bitcoin Surge Along With Oil

Global stock markets rose on Friday, boosted by positive US corporate earnings and consumer spending, while oil prices pushed ever higher and Bitcoin homed in on a record.

All three major US stock indices posted solid gains, with the S&P 500 finishing with a weekly increase of 1.8 percent.

London's FTSE 100, Frankfurt's blue-chip DAX and the CAC 40 in Paris all closed higher as well after strong showings on Asian markets.

Investors put aside concerns about surging inflation as they turned their attention to a series of good earnings results in the United States, notably at major banks.

"And just like that, inflation isn't a problem, the earnings news is great, and it's clear skies ahead for the stock market," said Patrick O'Hare, analyst at Briefing.com.

"That may be an oversimplification of the situation, but the mood of the market has clearly shifted in the past few days," O'Hare said.

Goldman Sachs reported a jump in third-quarter profits on Friday behind robust gains in its financial advisory and trading divisions.

The US economy appears to be on track, new data showed on Friday, with retail sales posting a surprise 0.7 percent increase in September, pushed by broad gains that extended beyond gasoline and autos.

US travel-related stocks had a good day after the White House announced the United States will reopen its borders on November 8 to foreign visitors fully vaccinated against Covid-19.

American Airlines rose 1.7 percent, Marriott International won 3.1 percent and Expedia climbed 1.8 percent.

Bitcoin breached the $60,000 mark for the first time since April on growing hopes that the Securities and Exchange Commission will allow the first US exchange-traded fund for cryptocurrency futures.

The move, which Bloomberg News said could occur next week, would place Bitcoin in a financial instrument that is traded like other securities, potentially making it more attractive to traditional investors.

The ETF would add to an eventful year for the world's leading digital currency, which hit a record high at $64,870 in April and became a legal tender in El Salvador, the first country to adopt it officially.

"An SEC Bitcoin ETF approval is a watershed moment for the crypto industry as this could be the key driver for getting the next wave of crypto investors," said Edward Moya, senior market analyst at OANDA.

North Sea Brent crude, meanwhile, soared to $85.10 a barrel, a level last seen in October 2018, with the International Energy Agency raising its forecast for demand as coal and gas shortages have triggered a switch to oil.

The price retreated under $85 later in the day.