Wall Street got a boost from gains in Apple and other big tech stocks that more than offset weak economic data and pushed the Nasdaq to another record high. Angela Moore reports.
Wall Street ended the day mostly higher, with Nasdaq hitting another record, pushed by gains in Apple. Investors are buying up its shares ahead of the company's earnings on Tuesday. Ben Lau of Apriem Advisors: (SOUNDBITE VIA SKYPE) BEN LAU, CHIEF INVESTMENT OFFICER, APRIEM ADVISORS (ENGLISH) SAYING: "There's been talk about how cheap Apple is. They're trading at discount, relative to the S&P 500. But, really, I think the story for Apple is gonna be what's gonna happen later this year when they release the new iPhone. Is it going to be a big seller? Can they make enough? Right? Can they make enough the various versions of iPhones that they're gonna have? They're gonna have a high-end iPhone and a low-end iPhone. And can they actually ramp up production of those? " Tribune Media jumped after Reuters reported Twenty-First Century Fox wants to team up with Blackstone to buy it. Twitter rose on a report that the company is partnering with Bloomberg to stream news. In the economy... Weak construction spending and manufacturing data. The ISM manufacturing activity index hit its lowest since December. Consumer spending unchanged for a second straight month in March. And a key inflation measure recorded its first monthly drop since 2001. In Europe, markets were closed for the Labor Day holiday.