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| Apple logo is seen in this file photo |
Apple’s stocks rose 0.7
percent to $119.44 on Tuesday, which pushed the tech giant’s market cap
above $700 billion for the first time, the largest on Wall Street. Apple
closed down 0.9 percent at $117.60, ranking as the largest points
weight on the S&P 500. The second-largest publicly-traded U.S.
company, Exxon, has a market cap just above $400 billion.
The U.S. economy rose more than expected last quarter but soft
readings on consumer confidence and house prices kept major indexes in a
tight range near the unchanged level.
Third-quarter economic growth came in much stronger than expected but
other data showing consumer confidence sliding to a five-month low and a
further moderation in house price gains put a lid on the market’s
initial advance.
The moves were not showing much conviction and volume was expected to
be low as the Thanksgiving holiday approached. US markets will be
closed on Thursday, while Friday will be a half-day session on Wall
Street.
“I do expect lower volumes and the market moving sideways,” said James Liu, global market strategist for J.P. Morgan Funds.
He said a major market catalyst will be the Federal Reserve meeting
in mid-December. The Fed could effectively commit to a more prompt
interest rate rise if it adjusts the language in its policy statement.
With inputs from Reuters
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