Apple leads Wall Street higher

Credit: Reuters Studio
Published on March 21, 2019 - Duration: 01:19s

Apple leads Wall Street higher

A tech rally led by Apple pushed Wall Street higher on Thursday as jitters over the Federal Reserve's forecast of an economic slowdown were calmed by upbeat economic data.

Fred Katayama reports.

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Apple leads Wall Street higher

Stocks marched higher on Wall Street Thursday fueled by an Apple-led tech rally.

The Dow gained 8-10th of a percent; the S&P added a percent to 2854, and the Nasdaq gained ground for the fifth straight session, up 1.4 percent to 7838.

Upbeat economic data offset concerns of the Federal Reserve's forecast of an economic slowdown.

Spartan Capital Securities chief market economist, Peter Cardillo: SOUNDBITE: SPARTAN CAPITAL SECURITIES CHIEF MARKET ECONOMIST, PETER CARDILLO, (ENGLISH) SAYING: "The bottom line is this: when you have a Fed that is not going to threaten with higher interest rates, even though the economy is slowing down and even though earnings are slowing down, that is a green light for stocks." Traders on the floor of the New York Stock Exchange donned jeans in honor of Levi Strauss' return to the stock market as a public company.

Shares of the jeans maker surged more than 30 percent on their debut.

Tech stocks rose on the back of Apple.

Shares of the iPhone maker jumped as analysts said the company's video service will materially impact its future earnings.

Apple is expected to launch that service on Monday.

Micron Technology leapt.

The semiconductor maker said it sees a recovery up ahead in the memory chip market.

Biogen shares sank.

The drugmaker and its Japanese partner, Eisai, are scrapping two late-stage studies testing a drug to treat Alzheimer's.

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