The S&P 500 extended its record rally at open on Friday, boosted by hopes of continued stimulus from the US Federal Reserve and upbeat corporate earnings.

Morgan Stanley reported better-than-expected third-quarter earnings before market opened on Friday. Its net revenues were 7.9 billion US dollars for the third quarter of this year, up 50 percent year-on-year. Morgan Stanley shares rose 2.11 percent to trade at 29.54 dollars a share in early trading.

Google shares surged 13.30 percent Friday morning to trade above 1,000 dollars a share for the first time, after the search-engine giant reported strong earnings late Thursday. Google reported consolidated revenues of 14.89 billion dollars for the third quarter of this year, up 12 percent from a year ago.

Meanwhile, speculation that the Fed is likely to delay the tapering of its asset purchases given the damage caused by the government shutdown added momentum to the stock market.

Most traders believe the central bank will not start to taper until early 2014.

Overseas, China's gross domestic product growth accelerated to 7.8 percent in the third quarter, up from 7.5 percent in the second quarter, China's National Bureau of Statistics said Friday. The fresh figure marked the fastest pace of growth this year.

Shortly after the opening bell, the Dow Jones Industrial Average fell 31.57 points, or 0.21 percent, to 15,340.08 points. The S&P 500 rose 3.74 points, or 0.22 percent, to 1,736.89 points. The Nasdaq Composite Index gained 21.33 points, or 0.55 percent, to 3,884.48 points.