Chicago Federal Reserve Bank President Charles Evans said that he doesn't see any economic signs that allow the central bank to make a move to reduce its massive bond-buying program.
"My own personal view is, I don't think that we have enough positive additional information going into the next meeting to all of a sudden decide that it's appropriate to taper," said Evans.
Trader Todd Horwitz, the author and founder of Averagejoeoptions.com, said he did not expect the Fed to start tapering its bond buying program for another year. That explained the move higher on stock markets despite a lackluster economy.
(Read more: Taper talk could be dead until next year)
"This free flow of money is going to continue..It's monopoly money, that's what we're playing with," he told CNBC. "The average guy can't get that money but the big guys can get all they want."
Lindsey Piegza, chief economist at Sterne Agee said the budget deal left an overhang of uncertainty for consumers. "We still don't have a long-term outlook," she said, warning that this will keep businesses and consumers on the sidelines.
And next week brings a deluge of data following delays due to the partial government shutdown. The closely-watched non-farm payrolls for September will be released on Tuesday.
Markets in Asia and Europe were also buoyed by the news that China's economy grew 7.8 percent in the third quarter. The yuan hit a record high for a fifth consecutive day against the weak U.S. dollar.
JPMorgan reached a tentative $4 billion settlement with the Federal Housing Finance Agency on claims the bank misled Fannie Mae and Freddie Mac about mortgages it sold to them, according to a report from Dow Jones.
Lenovo, the world's largest PC maker, signed a non-disclosure agreement to review Blackberry's books.