Loading...
See More

US stocks rise on German court ruling

Sep 13 2012 07:57 AFP

Related Articles

US stocks higher on Fed stimulus hopes

Dow, S&P hit best levels since 2007

US stocks stall ahead of ECB meeting

US stocks close mixed on weak data

Wall St ends flat in thin trade

US stocks fall in cautious pre-Fed trade

 

New York - US stocks followed European markets higher on Wednesday after a German court gave its approval to the eurozone's permanent crisis fund, opening the door to more aid to embattled Spain.

Facebook shares soared more than seven percent meanwhile after founder Mark Zuckerberg said the company was focused on making money in the mobile phone side of the market and regretted the stock's dismal post-IPO performance.

Tech heavyweight Apple lifted the Nasdaq after launching its highly anticipated next-generation smartphone, the iPhone 5.

The Dow Jones Industrial Average edged up 9.99 points to close at 13,334.05.

The S&P 500-stock index rose 3.00 to 1,436.56, while the tech-rich Nasdaq added 9.78 at 3,114.31.

"Undoubtedly, it is a good day for the eurozone and financial markets," said economist Andreas Rees at Unicredit after the German constitutional court said the new European Stability Mechanism is legal.

"Together with last week's pledge made by the ECB of buying government bonds to an unlimited extent, an impressive firewall for the eurozone is now building up," he said.

Apple bounced 1.4% higher, to $669.79, on the introduction of a slimmer, more powerful version of its iconic iPhone.

Facebook shares rebounded 7.7% to $20.93, still far below their $38 May initial public offering price, after Zuckerberg made his first comments on the company's direction since the IPO, calling Facebook "a mobile company."

Analysts have expressed worry that Facebook is unable to monetize its presence on mobile phone screens with advertising.

"It is really clear from the stats and my own personal intuition that a lot of energy in the ecosystem is going to mobile, not desktop," Zuckerberg said in San Francisco.

"That is the future," he said. "We are going to be doing killer stuff there."

Boeing fell 0.4% after European rivals EADS and BAE Systems revealed merger talks.

Troubled Chesapeake Energy shed 1% after announcing it would sell $6.9bn in energy assets in Texas and New Mexico to help pay down debt.

AIG was up 1.1% after the US Treasury sold off $20.7bn in shares in the insurer.

Bond prices fell. The yield on the 10-year Treasury climbed to 1.76% from 1.70% on Tuesday, while the 30-year yield rose to 2.93% from 2.85%. Bond yields move inversely to prices.


*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

wall street  |  markets
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...