Markets Rally on Good News for Apple Shareholders
Markets closed up on Wall Street today: Dow +0.05%, S&P +0.40%, Nasdaq +0.75%, Oil +0.84%, Gold +0.42%.
On the commodities front, Oil (NYSE:USO) rose to $107.96 a barrel. Precious metals were also up, with Gold (NYSE:GLD) rising slightly to $1,662.70 an ounce while Silver (NYSE:SLV) rose 0.94% to settle at $32.91.
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Today’s markets were up because:
1) Banks. Following reports that the Federal Reserve made some minor corrections to its stress test results, bank shares gained in late trading, with Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS) leading the rally, climbing 1.3 and 2.7 percent, respectively. Bank of America (NYSE:BAC) shares topped $10 for the first time since August today before turning lower.
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2) Housing. The Treasury Department announced today that it made taxpayers $25 billion in profit by getting rid of a bunch of mortgage-backed securities it first purchased to stem the financial crisis in 2008-2009. Housing will remain in focus this week with reports due on new home sales, housing, starts, and existing-home sales.
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3) Apple. After announcing it would begin paying quarterly dividends to shareholders for the first time since 1995, Apple (NASDAQ:AAPL) jumped in early trading, and continued to climb throughout the day, closing the day above the $600 mark and helping the tech-heavy Nasdaq climb 0.9 percent. Apple also said it would buy back $10 billion of its own shares over the next three years.
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