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Overnight Markets: Wall Street extends rally on Apple deal

by Himanshu Singh on Dec 24, 2013 at 06:45

Overnight Markets: Wall Street extends rally on Apple deal

US stocks rose on Monday, with the Dow Jones and S&P 500 registering their all-time highs, as a distribution deal by Apple Inc with China Mobile boosted the technology sector and the International Monetary Fund signaled it would raise its outlook for the US economy.

The Dow Jones industrial average climbed 73 points or 0.45%, to end at 16,295, a record high. The S&P 500 gained 10 points or 0.53%, to finish at a record 1,828. The Nasdaq Composite advanced 44 points or 1.08%, to close at 4,149, its highest since August 2000.

The Dow also touched an all-time intraday high at 16,318, while the S&P 500 climbed to a record intraday high at 1,830.

Apple (AAPL.O) surged 3.8%, its biggest percentage gain in three months, after the technology giant said on Sunday it had signed a long-awaited agreement with China Mobile Ltd (CHL.N) to sell iPhones. Apple's surge helped power the S&P technology sector index to a gain of 1.5%. US-listed shares of China Mobile rose 1.6%.

Facebook Inc (FB.O) jumped 4.8% in the social networking company's first day of trading as an S&P 500 component.

The rally was also fuelled by the latest economic data, which showed consumer sentiment surged to a five-month high heading into the end of the year, and spending notched its strongest month since the summer.

Target Corp (TGT.N), may encounter a trouble in the wake of a massive data breach, fell 1%.

T-Mobile US Inc. (TMUS) added 2.8% after sources said SoftBank Corp. chief executive Masayoshi Son is exploring a deal for Sprint Corp. to buy the majority of the wireless-phone provider next year.

Micron Technology Inc. slid 3.1% after Bank of America Corp. downgraded its rating on the stock.

In Asia, shares gained on Tuesday in the afternoon session after data showed the US economic recovery gaining momentum and China’s central bank moved to ease a cash crunch.

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