Apple Hits $100 And The Markets Look Happy

The US stock markets ended Tuesday with a moderate increase, driven by the release of corporate earnings which were considered encouraging, while Apple’s stock hit $100 for the first time since the stock split this summer.

The publication of two statistics, one on housing starts, the other consumer prices, also supported the trend.

The Dow Jones Industrial Average gained 80.85 points to 16919.59 the Standard & Poor’s 500 benchmark index, won 0.5%, to 1,981.60 and the Nasdaq, with high tech company weight, gained 0.43%, closing at 4,527.51.

Housing starts and housing allocations for building permits rebounded sharply in July in the United States, which confirmed the scenario of a continued recovery of the housing market after a bout of weakness caused by the rise of rates interest in the second half of 2013.

The Labor Department, meanwhile, announced that consumer prices rose only 0.1% in July in the United States after rising 0.3% in June, which should prompt the Federal Reserve to to keep interest rates their current low levels for a while, much to the relief of a number of investors.

Home Depot jumped 5.55%, clocking up the biggest increase in the Dow Jones after announcing results exceeded expectations while raising its forecast for annual profits.

The retail sector was highly sought after, the sector index of retailers finishing up 1.89%.

Against the trend, Elizabeth Arden plunged 23.25% after announcing the biggest quarterly loss in its history.

On the foreign exchange market, the dollar rose against the euro at the close of Wall Street, the European currency reviving a nine-month low, while yields of American benchmark bonds progressed.

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Pete Southern

About Pete Southern

Pete is an active investor with knowledge of all sectors but his first love are IPO's. A failed day trader who now understands research. A love of economics and writing seen Pete begin to publish content for various finance blogs. Our main editor and collator of contributions, he is your point of contact via editorial at stockpricetoday.com

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