March 7, 2014
Dow, S&P end at record highs as Apple deal lifts techs
US stocks climbed with the Dow and S&P 500 advancing to all-time highs as a distribution deal by Apple Inc with China Mobile boosted the technology sector.
Apple rose 3.8 percent to $570.09, its biggest percentage gain in three months, after the tech titan said on Sunday it had signed a long-awaited agreement with China Mobile Ltd to sell iPhones through the world's biggest network of mobile phone users, a deal that could add billions of dollars to its revenue.
The stock's massive market capitalization helped lift both the S&P 500 and the Nasdaq. US-listed shares of China Mobile rose 1.6 percent to $52.47.
Volume was light, with about 4.68 billion shares traded on US exchanges, well below the 6.49 billion average so far this month, according to data from BATS Global Markets.
The Dow Jones industrial average rose 73.47 points or 0.45 percent, to end at 16,294.61, a record high. The S&P 500 gained 9.67 points or 0.53 percent, to finish at 1,827.99, a record. The Nasdaq Composite added 44.163 points or 1.08 percent, to close at 4,148.903.
The Dow also touched an all-time intraday high at 16,318.11, while the S&P 500 climbed to a record intraday high at 1,829.75.
Both the Nasdaq and the S&P 500 got a lift from Facebook Inc , which jumped 4.8 percent to end at a record $57.77, in the social networking company's first day of trading as an S&P 500 component. Facebook also set an all-time intraday high of $58.32 during today's session.