Stocks gain ground; Apple releases Quarterly earnings
Last week’s uncertainty as to whether or not Ben Bernanke would be appointed to a second term has seemed to pass. The markets responded accordingly, gaining lost ground against the back drop of last weeks triple digits losses. A senate vote on his reappointment is expected this week as momentum is gaining in his favor. Financials, tech, and industrial stocks helped lead the slight gain but investors as still a little bit on edge.
This week will prove to be a news heavy one as investors have a Federal Reserve policy-setting meeting to look forward to, the first reading on fourth-quarter GDP growth, the president’s State of the Union address as well earnings reports from Amazon Inc., AT&T Inc. and Johnson & Johnson. Some time after the closing bell Apple Inc reported their 1st quarter earnings. As expected they shatter forecasters expectations as the computer giant reported earnings of $3.67 a share and total revenue of $15.68 billion. The company stated sales of the i-phone doubled and attributed heavily to the high earnings.
The Dow rose 23.88 points to end the trading session at 10,196.90. The S&P 500 index rose 5.02 points to end at 1,096.78, while the Nasdaq rose 5.51 points to end at 2,210.80.
Gold rose on the commodities market as it rose $6.70 settle at $1096.40. Oil rose as well, gaining 72 cents to $75.26 per barrel. Total volume traded on the NYSE came to 755.2 million shares.
In Europe, Britain’s FTSE 100 fell 0.8 percent to 5,260.31, Germany’s DAX index fell 1.1 percent to 5,631.37 and France’s CAC-40 lost 1 percent to close at 3,781.85. In Asia, Japan’s Nikkei stock average lost 77.86 points to close at 10,512.69