China’s Shanghai Composite staged a fierce 3.1% rally on Monday, easily erasing Friday’s steep 1.8% drop. The rally was sparked by comments suggesting the government would expand investment opportunities for foreigners. The Hang Seng rose .6% to 24313, the Kospi gained .5%, and the ASX 200 inched up .2%. In general, volumes were light, as Japanese markets were closed for a holiday.
European markets ended mixed as eurozone factory production fell for a third straight month. The FTSE slipped .2% to 6108, the DAX rose .2% to 7723, and the CAC40 inched up fractionally. Italy’s MIB index slumped .6% on political concerns as February elections approach.
US indexes also closed mixed after once again trading in a narrow range. The Dow rose 10 points to 13499, while the Nasdaq dropped .4% to 3112.
Apple (AAPL) shares tumbled 3.6% to 501.75 following a report that the company has cut parts orders due to weak demand for the iPhone 5.
Dell (DELL) shares surged 13% amid rumors of a private equity buyout.
Economic Outlook
Tuesday’s reports will include retail sales, PPI, the Empire State manufacturing index, and business inventories.
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China Rebounds, Apple Sinks On iPhone Weakness
Published 01/15/2013, 05:28 AM
Updated 05/14/2017, 06:45 AM
China Rebounds, Apple Sinks On iPhone Weakness
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