Apple hits new high as US stocks gain

Comment on this story
IOL wall street

Apple shares hit a new all-time high Friday as US stocks closed out the week with a second day of solid gains that put the Dow at its highest level since the last days of 2007.

Apple shares rose to a high of $648.19, after reports that it was nearing the launch of a new iPhone model and a reduced-size iPad.

The stock closed up 1.9 percent at $648.11.

Facebook meanwhile continued its fall, losing 4.0 percent in the second day after pre-IPO investors were allowed to sell their shares. At $19.07, the shares were almost exactly half of the May 18 initial offer price of $38.

The Dow Jones Industrial Average finished up 25.09 points (0.19 percent) at 13,275.20, while the broader S&P 500 added 2.65 (0.19

percent) to 1,418.16.

With the help of Apple, the world's largest company by market capitalization, the tech-heavy Nasdaq gained 14.20 points (0.46

percent) to 3,076.59.

Trade got a little help from a rise in the University of Michigan Consumer Confidence index, which came in slightly higher than July at 73.6, still well below pre-recession levels.

But consumers' expectations of future conditions worsened, the sub-index falling to 64.3 from 65.6.

“Clearly consumers feel times aren't as bad as they were just a month ago, but looking into the future there remains a considerable amount of uncertainty and downside risks that could undermine the recovery,” said Lindsey Piegza of FTN Financial.

Caterpillar added 1.6 percent after tentatively reaching a new contract deal with workers at its Illinois plant who had been on strike since May.

Clothing retailer Gap rose 4.8 percent after turning in a 20 percent rise in second quarter earnings and raising its forecast for the full year.

Sports shoe chain Foot Locker reported a 59 percent rise in quarterly profit, pushing its shares 1.7 percent higher.

US bond prices gained after falling three straight days. The 10-year Treasury yield fell to 1.82 percent from 1.84 percent Thursday, while the 30-year moved to 2.93 percent from 2.96

percent. Bond yields move inversely to prices. - Sapa-AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines