US stocks settled mostly higher on Thursday, with a rally in iPhone maker Apple Inc (NASDAQ:AAPL) partly inspiring the market.
The Dow Jones Industrial Average rose 0.21% to end at 26,440. Apple stock went up 2.06% to close at $224.95, as J.P.Morgan initiated coverage and forecast the stock will charge to new record highs.
The S&P 500 was up 0.28% to close at 2,914.
The tech-heavy Nasdaq rose around 0.65% to finish at 8,041.
The Russell 2000 small-cap index was the only index which lost ground, slipping 0.08% to conclude at 1,690.
In Canada, the TSX went up 0.22% to trade around 16,204.
12:22 PM: US benchmarks on the rise this afternoon as Apple leads tech stocks higher
US stocks are on the rise this afternoon, led higher by the tech sector.
The Dow Jones Industrial Average jumped nearly 170 points with Apple Inc (NASDAQ:AAPL) leading the charge after JPMorgan Chase initiated coverage of the tech giant.
The S&P 500 was up nearly 20 points by midday.
The tech-heavy Nasdaq rose around 70 points, boosted by Regeneron Pharmaceuticals Inc (NASDAQ:REGN) and Mercado Libre Inc (NASDAQ:MELI).
The Russell 2000 small-cap index was up slightly. Bed Bath & Beyond Inc (NASDAQ:BBBY) was a top decliner on the index following the retailer’s second-quarter earnings miss.
Up north, the TSX soared more than 70 points as oil prices climb higher.
10:00 AM: US stocks jump out of the gate at the open, boosted by tech stocks
US stocks rose at the open Thursday, lifted by gains from Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN), as well as investors’ sanguine reaction to the Federal Reserve’s third interest rate hike of the year.
Apple shares jumped 2.4% to $225.64 in the wake of reports that JP Morgan initiated coverage on the iPhone maker’s shares with an overweight rating. Amazon shares also added 1.3% to $1,999.45 in response to a report that Stifel lifted its price target on the stock to $2,525.
The boost in markets came as investors parsed the details of the Federal Reserve’s recent moves on monetary policy. Announcing the end of the era of “accommodative” monetary policy, on Wednesday the US Central bank lifted interest rates for the third time this year and for the eighth time since late 2015. The bank also put investors on notice for another jump in rates in December.
Early in the session, the Dow Jones Industrial Average rose 34 points to 26,418, with its Apple its best performer, followed by Visa, Intel, Nike, Microsoft and Pfizer.
The S&P 500, meanwhile, clung closer to the baseline to rise by 7 points to 2,913, pushed up by WellCare Health Plans, Alaska Air Group, Apple, Southern Co and American Airlines Group.
The Russell 2000 index of small-cap stocks also stayed flat at 1,693.
Elsewhere, the tech-laden Nasdaq added 39 points to 8,047, helped by Apple, American Airlines, Workday, Activision Blizzard, Amazon, Incyte Corp and Biogen.
Up in Canada, Toronto’s TSX climbed 47 points to 16,216 on the back of the robust performance of energy stocks which have risen in tandem with rising oil prices.
7:09 AM: Wall Street set to start on front foot after yesterday's rate rise and sell-off; European shares mixed
US shares are seen starting positively despite falling on Wednesday as the Fed raised rates, as expected.
The central bank's FOMC upped the benchmark interest rate by 0.25%, to a range of 2%-2.25%, while a majority of the committee also said they expected another rise before 2018 is out.
Trump weighs in on recent Fed decision to raise interest rates: "Unfortunately they just raised interest rates. I am not happy about that." https://t.co/jkGpx89PnF
— Bloomberg (@business) September 26, 2018
The Dow Jones Industrial Average closed down around 107 points at 26,385, while the tech heavy Nasdaq shed around 17 at 7,990, while the broader based S&P 500 exchange shed nearly ten at 2,905.
In futures trade today, the Dow Jones is up five points, the Nasdaq is up nearly 19 and the S&P 500 is up 2.50 points.
Yesterday, equities in China fell as tensions between the US and China grew strained after President Trump accused Beijing of trying to interfere in the U.S. midterm elections as the trade dispute between the two grows ever more heated.
Overnight, the Shanghai Composite Index added around 68 points at 2,797, while the Nikkei 225 index in Japan added 195 points.
In Europe on Thursday morning, FTSE 100 is up around 13 points; the German DAX is down nearly 29 points, while the French CAC 40 is down nearly eight points."
Connor Campbell, at Spreadex in London, looking ahead to the US trade, noted that "the final Q2 GDP reading is set to remain at 4.2% at the annualised rate, while the core durable goods orders figure is expected to jump from 0.1% to 0.4%, something that may only boost the greenback".