US shares advance on Apple's rebound

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Source: Dukascopy Bank SA
© scanpix/AP
U.S stocks advanced for the second consecutive day. The gains were driven by improving prospects in reaching the budget deal and the rebound of Apple Inc. from its biggest decline in four years. Experts said the rise in Apple stock has helped the overall market. In addition, U.S. economic data suggest the economy persists to grow, lately supported by better-than-expected unemployment data.  The S&P's 500 index advanced 0.3% to 1,413.94. All but two sectors advanced with Technology sector taking the leader position, supported by gains in the shares of Apple and Akamai Technologies. The latter company increased the most to $39.06, up 10%, after it signed multi-year agreement, forming a  strategic alliance with the largest U.S. phone company AT&T to integrate its services into AT&T's network. The second biggest gainer was Starbucks that surged 5.7% to $53.70, as the world's largest coffee-shop operator was enhanced to outperform from neutral at Robert W. Baird & Co. Starbuck also announced its plans to add 3000 more stores in Americas region by 2013. HR Block surged 5.1% to $18.26 on its CEO Bill Cobb's announcement the ‘second quarter results reflect savings from our cost reduction initiatives'. Freeport Mcmoran fell 4.2% after it agreed to purchase Plains Exploration&Production CO. and McMoRan Exploration Co.
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Fri, 07 Dec 2012 12:54:41 GMT

Dow gains on improving U.S. economy

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