Stocks rallied throughout Tuesday’s trading hours as Apple posted strong profits and Research in Motion inked an exclusive Chinese Distribution deal for the Blackberry. Quarterly results for blue chips, such as American Express (AXP.N) and DuPont (DD.N), also helped contribute to the market’s performance, as both companies have weathered the credit crisis and market slump
Apple rose 6.8 percent to $186.16 and earlier reached a record $188.60. RIM stock jumped 9.8 percent to $124.53, and hit a record $128.36 during the session. Another stock, GOOGLE, rose nearly 4%, to close at $675.77, after reaching a record high of $677.60;
Recent news from the above companies were actually able to counteract share price loss for such prevalent companies as Wal-Mart and Coach. Both retails have stated that slower traffic were going to hinder future earnings, and both stocks dropped 2.9% and 12%, respectively.
“The line of delineation is so clear as to who are the winners in the global growth story,” said Peter Kenny, managing director of Knight Equity Markets, The rally’s “not very broad-based, but there’s tremendously strong leadership out of tech.”
The DJIA rose 109.26 points, or 0.81 percent, and closed at 13,676.23. The Standard & Poor’s 500 Index (.SPX) was up 13.26 points, or 0.88 percent, at 1,519.59. The Nasdaq Composite Index (.IXIC) was up 45.33 points, or 1.65 percent, at 2,799.26.
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