Apple, 3M lift Wall Street, but financials drag
“Stocks are just trickling higher, gains are selective, it’s a short week and being the end of the quarter, people have locked in a lot of their positions,” said Cleveland Rueckert, market analyst at Birinyi Associates Inc in Stamford, Connecticut.
Apple’s stock hit an all-time record closing high of $235.83, up 1.5 percent, after the Wall Street Journal reported that the company was developing a new
A stronger-than-expected report on consumer confidence lent some support to consumer-oriented companies. Macy’s Inc (
The Dow Jones industrial average (DJI:^DJI – News) edged up 11.56 points, or 0.11 percent, to end at 10,907.42, not far below the 11,000 mark. The Standard & Poor’s 500 Index (^SPX – News) added just 0.05 of a point, or 0.00 percent, to 1,173.27. The
Industrials, the best-performing
Even so, trading volumes were light, with Passover and the coming
With just one trading day left in the first quarter,
But Friday’s release of the government’s non-farm payrolls report for March is likely to give the stock market a fresh catalyst to brush up against 18-month highs. The expectation is that the labor market had a significant turnaround last month, according to economists.
March non-farm payrolls are set for release Friday morning even though the stock market will be shut for the Good Friday holiday.
The news on Apple also buoyed chipmakers’ shares. Earlier, Apple hit an all-time intraday high of $237.48. Qualcomm Inc (NasdaqGS:QCOM – News) shares rose 0.9 percent to $42.13, while the PHLX Semiconductor index (^SOXX – News) semiconductor added 0.7 percent.
Worries about Greece’s funding needs lingered a day after an auction of 7-year Greek bonds drew weaker demand than hoped for by some.
On the economic front, U.S. consumer confidence rebounded in March, as optimism about the labor market increased slightly,