Dow Jones and NASDAQ close stronger as rally resumes; Fruit expensive as Apple passes US$500Reported by Proactive Investors on Monday, 13 February 2012 (on February 13, 2012)
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U.S. equity markets were higher overnight after the Greek Parliament approved a key austerity package, raising hopes the nation will avoid a messy default.
By the cloes the Dow Jones had added 72 points to 12,874, with the NASDAQ adding close to one per cent, or 28 points to 2931.
The Greek Parliament voted early Monday to approve a package of austerity reforms, marking a key step toward securing a second bailout worth 130 billion euros from the European Union, International Monetary Fund and European Central Bank.
Greece needs the money to avoid a potential default on a 14.5 billion euro bond redemption in March.
However, other conditions must also be met for Greece to secure the bailout, said eurozone finance ministers, including further spending cuts, and the promise to continue implementing the agreed measures after elections in April. Investors as a result remained
cautious about when the debt-stricken country will actually receive the funds.
Eurozone finance ministers are due to meet again on Wednesday.
In corporate news, Apple (NASDAQ:AAPL) stock hit $500 for the first time in company history Monday, setting yet another high water mark for the technology company.
Shares have been rising at a consistent trajectory for the past three years, boosted by record sales of the iPhone, iPad and its Mac range of computers.
Six months ago, Apple shares broke the $400 level and it has been 16 months since the shares passed $300. Shares traded above $200 for the first time in October 2009.
Also, Apple is asking a federal court in California to prohibit the sale of Samsung's Galaxy Nexus smartphones which Apple claims infringes its patents, the latest salvo in a worldwide patent dispute involving the two companies.
Watson Pharmaceuticals (NYSE:WPI) has filed a new drug application with the FDA to launch a generic version of Beyaz, an oral contraceptive made by Bayer HealthCare.
ITT (NYSE:ITT) released 2011 revenue numbers, which grew 11% to $2.1 billion, slightly below analyst estimates of $2.2 billion.
President Obama unveiled a $3.8 trillion budget request Monday that hikes taxes on the rich, spends new money on infrastructure and
education, but does little to reform the entitlement programs that pose the biggest long-term threat to the federal budget.
The budget forecasts a deficit for fiscal year 2012 that will top $1.3 trillion, before falling in 2013 to $901 billion, or 5.5% of gross domestic product.
*Commodities*
In NYMEX futures trading, oil broke the $100 barrier, up $1.44 to $100.11 a barrel and gold futures for April delivery gained $3.70
to $1,729 an ounce.
Crude supply fears were stirred after news about bombings connected to Israeli embassies in New Delhi, India and Tbilisi, Georgia – which the Israeli government has blamed on Iran.
The Delhi attack wounded the wife of an Israeli diplomat and her driver; a bomb strapped to a car connected to the Israeli embassy in Tbilisi was defused.
Iran, a top oil exporter, has been slapped with sanctions to force it to resume talks about its nuclear program, which the country insists are for peaceful goals.
*Europe*
European stocks closed higher with the FTSE 100 closing up 0.8%, the DAX edging up 0.5% and the CAC 40 rising 0.1%.
Links:  Full news story
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