Wall Street opens higher with Apple leading the charge

2018-09-13 21:22:19 GMT (Economies.com)
Wall Street opens higher with Apple leading the charge

US stock indices closed the fourth session of the week higher, with Dow Jones piercing 26,000, Standard and Poor's 500 passing through 2,900, and NASDAQ breaching 8,000 as the tech sector led the charge while trade concerns calmed down. 


Apple led the charge higher with a 1% profit after announcing a new member in the iPhone family and releasing the fourth edition of the Apple Watch focused on health aspects.  


On another note, China's foreign ministry welcomed the prospect of US officials arriving in Beijing to discuss the trade issues, in turn buoying market sentiment. 


US Inflation, Labor Data  


Earlier US data showed consumer prices rose 0.2% m/m in August, same as July, while core prices rose 0.1%, slowing down from 0.2%. 


On a yearly basis, consumer prices rose 2.7%, slowing down from 2.9%, while core prices slowed down as well to 2.2% from 2.4%. 


Unemployment claims fell a thousand in the week ending September 8 to 204 thousand, while continuing claims fell 15 thousand to 1.696 million.


US President Donald Trump tweeted earlier today: "we are under no pressure to make a deal with China, they are under pressure to make a deal with us. Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?", weighing on silver and other metal prices. 


China called on the US to respect the rules of the World Trade Organization, warning that escalating the trade war is not something in the benefit of either country. 


Indices, Commodities 


Dow Jones closed up 0.57%, or 147.07 points to 26,145.99, while Standard and Poor's 500 added 0.53%, or 15.26 points to 2,904.18. NASDAQ Composite gained 0.75%, or 59.48 points to 8,013.71. 


Gold futures due in December shed 0.33% to $1,206.90 an ounce, while the dollar index slipped 0.27% to 94.55, marking July 31 lows. 


US crude futures due in October fell 2.25% to $68.79 a barrel, while Brent October futures tumbled 1.72% to $78.37 a barrel. 

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