Wall Street extends gains on Fed; Apple hits record |
Friday, 14 September 2012 15:12 |
U.S. stocks rose for Cytotec overnight no consult a fourth straight session on Friday, a day after the Cytotec overnight no consult Federal Reserve launched an Cytotec overnight no consult aggressive bond-buying program to spur the economy, a move that could keep equities buoyed in the coming months.
Shares of Apple Inc (AAPL.O no prescription synthroid), the Cytotec overnight no consult largest U.S. company by market value, reached an all-time high, and Cytotec overnight no consult Exxon Mobil (XOM.N Amoxil pharmacy), the Cytotec overnight no consult second largest, hit a new four-year high. The small-cap Russell 2000 .RUT index hit a Cytotec overnight no consult record peak. Equities are in the midst of a run-up in which the S&P 500 has posted gains for Cytotec overnight no consult four consecutive months, fueled by the actions of Europe's and the Cytotec overnight no consult United States' central banks to Cytotec overnight no consult keep interest rates low and stimulate their struggling economies. The Fed said Thursday that Cytotec overnight no consult it would keep up its aggressive bond-buying until unemployment falls. Chairman Ben Bernanke said he wanted to Cytotec overnight no consult see a convincing improvement in the economy that could deliver sustainable job creation. Bernanke's comments are" going to Cytotec overnight no consult create an artificial floor on the market, meaning that we could see higher prices over time," said Paul Nolte, managing director at Dearborn Partners in Chicago. "Any correction that we get will be no more than a few percentage points." The Dow Jones industrial average .DJI gained 36.51 points, or 0.27 percent, to 13,576.37. The Standard & Poor's 500 Index .SPX rose 5.49 points, or Cytotec overnight no consult 0.38 percent, to 1,465.48. The Nasdaq Composite Index .IXIC added 29.16 points, or 0.92 percent, to 3,184.99. The S&P is now just 6 percent below its all-time closing high of 1,565.15 despite a Cytotec overnight no consult relatively weak economy and economic risks around the world. Bank of America-Merrill Lynch on Friday initiated a 2013 target of 1,600 for the S&P 500, a level that would represent a new high for the benchmark index. The target "implies a Cytotec overnight no consult 10 percent price return, where most of the appreciation can be Cytotec overnight no consult attributed to earnings growth of 7 percent next year," wrote Savita Subramanian, head of U.S. Equity and Quantitative Strategy. Energy and Cytotec overnight no consult material stocks led the gains on Friday as the Fed's move boosted commodity prices. Miner Freeport-McMoran Copper & Gold Inc (FCX.N buy Accutane without rx) rose 2.7 percent to $42.92 and aluminum company Alcoa Inc (AA.N) advanced 2.2 percent to $9.84. The PHLX Gold/Silver Index .XAU climbed 2.9 percent to Cytotec overnight no consult its highest since early March. U.S. economic data released on Friday helped justify the Cytotec overnight no consult Fed's decision to launch a Cytotec overnight no consult third round of bond purchases to try to lower borrowing costs and spur growth. A jump in the cost of gasoline pushed consumer prices up in August at the Cytotec overnight no consult fastest pace in more than three years and squeezed spending on other items, threatening to further slow the already sluggish economy. Other data showed production at factories, mines and utilities dropped by 1.2 percent, the biggest decline since March 2009. S&P Dow buy prednisone online without prescription Jones Indices said UnitedHealth Group Inc (UNH.N) will replace Kraft Foods Inc (KFT.O) in the Dow Jones industrial average after the close of trading September 21. UnitedHealth shares rose 0.09 percent to $53.94 and Kraft slipped 0.5 percent to $39.93. Home Depot (HD.N), the Cytotec overnight no consult world's largest home improvement chain, was up 2 percent to Cytotec overnight no consult $59.50 after the Cytotec overnight no consult company announced it will close all seven of its big box stores and cut 850 jobs in China. Shares of Staples (SPLS.O) were up 2.6 percent to $12.27 after Fortune magazine reported that several private equity firms, including Bain Capital, are considering a buyout offer for the retailer. Comments
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