Sunday 25 February 2018

Apple hits $700bn high, Aryzta rebounds

Apple rose about 1pc to hit an all-time high of $134.59 (€127.29) a share. Photo: Reuters
Apple rose about 1pc to hit an all-time high of $134.59 (€127.29) a share. Photo: Reuters

Donal O'Donovan and agencies

Wall Street reversed course to eke out small gains yesterday, led by bank stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates.

Apple rose about 1pc to hit an all-time high of $134.59 (€127.29) a share - valuing the business at $700bn and helping the three US major indexes to hit fresh record highs for the fourth day in a row.

Ms Yellen said delaying rate hikes could force the central bank to raise rates quicker down the line, which could risk a recession. She also expressed uncertainty over economic policy under the Trump administration.

President Donald Trump's pro-business stance sparked a record-setting rally in stocks. However, he has given scant detail on his policies, giving the Fed limited visibility on the direction of the economy.

"It is too early to know what policy changes will be put in place or how their economic effects will unfold," Ms Yellen said.

The S&P 500 index showed 53 new 52-week highs and no new lows, while the Nasdaq had 106 new highs and 16 lows.

In Europe, the Stoxx Europe 600 Index closed up less than 0.1pc. Carmakers climbed 1.1pc, with Peugeot among the biggest advancers after the firm's owner was said to be exploring an acquisition of General Motors' European business.

In the US, General Motors in turn was the biggest percentage gainer, rising 4.6pc after the Opel approach. The prospect of sector consolidation caused Fiat to jump 4.3pc, while Ford gained 0.6pc.

In Ireland, Aryzta was the big mover, up 11.33pc to €30.96 a share after under-pressure ceo Owen Killian said he would be standing down.

However, the Iseq index closed down 0.29pc at 6,531.37.

Irish Independent

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