Apple's highly anticipated deal with China Mobile helped both
the Dow and the S&P 500 climb to all time highs on Monday.
The Dow Jones industrial average climbed 0.45 percent while the
S&P 500 finished 0.53 percent higher as the technology sector
soared. Apple's deal with the world's largest wireless carrier gave
the company a much needed boost in Asian markets where its
smartphones are struggling to compete with competitors.
In other news around the markets:
The conflict in South Sudan could be nearing its end as Reuters
reported that rebel leader Riek Machar has outlined his conditions
to negotiate a deal with President Savla Kiir and end the conflict.
Manchar demanded that Kiir release his political allies, which the
South Sudanese government immediately rebuked. On Monday, the
Italian Senate approved the nation's 2014 budget despite its
unpopular 2 billion euro tax increase. Prime Minister Enrico Letta
said the nation's economy is slowly on the mend and that the
government is expecting to see a 1.0 percent growth rate next year.
China's short-term interest rates rose to a new high on Monday,
spotlighting the nation's increasingly troubled financial system.
Despite the People's Bank of China's recent decision to add cash to
the financial system, rates jumped and caused many to worry about
the possibility of China's cash crunch turning into a financial
crisis. Japanese Prime Minister Shinzo Abe was able to gain
approval for next year's budget on Tuesday. Under the new budget
plan, Japan will use its higher tax revenue in order to cut down
borrowing as well as stimulating the economy through government
Asian markets were higher, the Japanese NIKKEI rose 0.12 percent
and China's Shenzhen composite was up 0.65 percent. The Hang Seng
index rose 1.13 percent and the South Korean KOSPI was up 0.24
Europe's markets were also on a high, the UK's FTSE rose 1.09
percent and the eurozone's STOXX 600 gained 0.71 percent. The
German DAX was up 0.94 percent and the Spanish IBEX and Italy's MIB
were both up by 0.72 percent.
Energy futures were moderately lower, Brent futures were down
0.04 percent and WTI futures lost 0.21 percent. Gold gained 0.12
percent but silver lost 0.40 percent. Industrial metals were mixed
with copper up 0.21 percent and aluminum down 1.40 percent.
Currency markets were quiet on Tuesday, the euro was steady at
$1.36 and the pound lost 0.04 percent against the greenback. The
dollar gained 0.27 percent against the Australian dollar and 0.07
percent against the yen.
No notable earnings releases expected on Tuesday
With markets set to close early on Tuesday for the Christmas
holiday, economic releases will be thin. However, investors will be
watching for French GDP, US durable goods orders, US new home
sales, US housing starts and British mortgage approvals.
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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