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Markets

Dow, S&P 500 end at records, Apple gains on Shazam buy

Published December 11, 2017 Updated December 11, 2017 10:37pm

NEW YORK: The Dow and S&P 500 edged to fresh records Monday led by technology shares, including Apple, which rose following its acquisition of song recognition app Shazam.

US stocks were in positive territory for almost the entire session, brushing aside concerns over an explosion early in the day near Times Square that injured three and halted activity in key New York transportation hubs for several hours.

The Dow Jones Industrial Average rose 0.2 percent to close at 24,386.03, advancing from Friday's record.

The broad-based S&P 500 gained 0.3 percent to 2,659.99, also a second straight record finish, while the tech-rich Nasdaq Composite Index won 0.5 percent to end at 6,875.08.

Analysts described investor sentiment as upbeat after a series of positive economic reports, including Friday's November jobs report.

And traders remain bullish over the progress of tax cut legislation in Washington, which could reach President Donald Trump's desk by the end of the year.

Analysts are looking ahead to a series of central bank policy meetings this week, including the two-day gathering at the Federal Reserve that culminates Wednesday with a policy statement and news conference by Fed Chair Janet Yellen.

The US central bank is widely expected to raise interest rates for the third time this year.

Apple jumped 2.0 percent following the Shazam deal, which is seen as a fresh bid to secure an edge in the intensifying battle of streaming services. Financial terms were not disclosed, but leading technology news sites put the deal at around $400 million.

Other technology shares to gain included Microsoft, up 1.3 percent, and Tesla Motors, up 4.4 percent.

Disney rose 2.5 percent as its animated comedy "Coco" again led the weekend box office list. Disney also is expected to get a lift from next weekend's release of "Star Wars: The Last Jedi," predicted to net a mammoth $200 million in its opening weekend.

 

Copyright AFP (Agence France-Press), 2017
 

 

 

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