A surge in shares of Apple helped push up major U.S. indexes on Friday to record closing highs. Fred Katayama reports.
Apple ignited a rally in tech stocks that drove Wall Street to record highs Friday. That helped offset the downdraft stemming from the mixed October jobs report that reignited concerns about weak wage growth. Washington Crossing portfolio strategist Chad Morganlander: SOUNDBITE: CHAD MORGANLANDER, PORTFOLIO STRATEGIST, WASHINGTON CROSSING ADVISORS, (ENGLISH) SAYING: "We still continue to believe that the Federal Reserve will continue to raise interest rates over the course of 2018. You'll get a rate hike of a quarter percent in December and then three more quarter percent rate hikes going into 2018." The jobs market bounced back in October. The U.S. added 261,000 jobs after hurricanes disrupted jobs growth in the prior month. But average wages slipped. Apple shares surged to a record as fans waited in long lines to buy the anniversary iPhone X on its sales debut. The rising shares briefly pushed Apple's market value above $900 billion. This comes one day after Apple issued an upbeat holiday sales forecast. Also supporting the S&P: shares of Starbucks. The coffee chain says it's selling its specialty tea brand Tazo to Unilever for $384 million. It also trimmed its profit outlook and posted disappointing quarterly sales. European markets edged higher, hitting new records in London and Frankfurt.