Investors React To Apple’s Unveiling Newest Version Of The iPhone – Acadiana Business Index
- The Dow rose 10 points to 13,333. The S&P 500 closed up 3 points at 1436. The NASDAQ finished with a 9 point gain at 3114.
- The major averages pared earlier gains to end the session modestly higher ahead of Thursday’s FOMC meeting announcement on monetary policy.
- Stocks opened higher amid optimism over Europe after a German court dismissed motions to stop the government from ratifying the region’s bailout fund.
- Telecom was the best performing sector with Verizon gaining 65 cents to $44.89.
- Financials also outperformed with JP Morgan advancing 32 cents to $39.92.
- In technology, Apple gained $10.27 to $670.75 after unveiling its newest version of the iPhone. Shares of Facebook were up $1.48 to $20.91 after CEO Mark Zuckerberg said he is addressing the company’s missteps.
- Utilities were the laggard on Wednesday’s session. Shares of Exelon fell 62 cents to $34.87 after an analyst downgraded the stock.
- Breadth was positive on the NYSE by a 17-9 margin on issues and 16-9 on volume. NYSE Composite volume totaled more than 3.5 billion shares. Advancers beat decliners on the NASDAQ by 13-9 on issues and 5-3 on volume.
- The 10-year note declined by 1/2 a point to yield 1.76%.
For the complete report, click Ken’s Market Report.