Dow Jones and S&P 500 Up Sharply in Late Trading; Apple Drags Nasdaq Lower
12/5/2012 4:31:18 PM
The Dow Jones and S&P 500 have extended their gains in late trading and are currently at session highs as some robust economic data and comments from China’s new leader Xi Jinping lifted sentiments. However, the sharp decline in Apple Inc. (NASDAQ: AAPL) has kept the Nasdaq in red in late trading.
At last check, the Dow Jones was trading 0.93% higher at 13,072.58, the S&P 500 was trading 0.48% higher at 1,413.82, and the Nasdaq was trading 0.39% lower at 2,985.01.
Financials are leading the gains in the S&P 500 in late trading today. At last check, the sector was trading 1.52% higher. Conglomerates are currently trading 1.38% higher. Energy sector has also risen sharply today. At last check, the sector was trading 1.34% higher. Technology sector has been the worst performer in the S&P 500 today, down 0.51% currently.
The Technology sector has been dragged lower by iPhone maker Apple. Shares of the technology giant have fallen sharply after reports that margin requirements are being raised from 30% to 60% by COR Clearing. Apple shares are currently trading 4.80% lower at $548.20.
Citigroup Inc. (NYSE: C) shares, meanwhile, are rallying in trading today after the company announced that it will slash 11,000 jobs as part of its restructuring program. Citigroup shares hit an intra-day high of $37.07 in trading today, and at last check, the stock was trading 7.82% higher at $36.97.
Other major movers in late trading today are Mcmoran Exploration Co. (NYSE: MMR), which is currently trading 88.53% higher at $15.95, Plains Exploration & Production Company (NYSE: PXP), which is currently trading 23.80% higher at $44.63, and Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), which is currently trading 15.94% lower at $32.18.