Apple hits new high as US stocks gain
IOL Business - Aug 20th 2012, 10:39
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
Creating a better – and conveniently secure - tomorrow with IoT
19/02/2019 - 14:04
As it rapidly approaches maturity, the Internet of Things (IoT) is set to continue a transformational trajectory, introducing new efficiencies in multiple fields by allowing measurement and analysis on a scale that has never been possible before. From agriculture to logistics, from retail to hospitality, from traffic to health, from the home to the office, the applications for monitoring ”things” are limited only by the imagination.
Global smartphone sales see worst drop ever in 2018, survey shows
04/02/2019 - 10:58
Global smartphone sales saw their worst contraction in 2018, and the outlook for 2019 is not much better, new surveys show.
How to inspire employees to deliver great customer experiences
07/06/2018 - 13:36
With retailers such as Toys 'R' Us, Sears, and Claire's closing shop, the industry has learned a big lesson this year. No, it's not that retail is dying. It's that consumer expectations have changed when it comes to the brick-and-mortar retail experience.
Spree App selected as Apple ‘App of the Day’ - A first for SA ecommerce
26/04/2018 - 09:55
In a first for fashion ecommerce in South Africa, a team of editors at Apple has selected the Spree App as App of the Day.
Old Navy to open 60 stores in 2018
24/04/2018 - 10:24
Gap is making a big bet on Old Navy.