Dow, S&P end at record highs as Apple deal lifts techs
NEW YORK (REUTERS) - United States (US) stocks climbed on Monday, with the Dow and S&P 500 advancing to all-time highs as a distribution deal by Apple Inc with China Mobile boosted the technology sector.
Apple rose 3.8 per cent to $570.09, its biggest percentage gain in three months, after the tech titan said on Sunday it had signed a long-awaited agreement with China Mobile Ltd to sell iPhones through the world's biggest network of mobile phone users, a deal that could add billions of dollars to its revenue.
Apple's gains helped power the S&P technology sector index to a gain of 1.5 per cent, making it the best performer of the 10 major S&P sectors. The stock's massive market capitalisation helped lift both the S&P 500 and the Nasdaq.
US-listed shares of China Mobile rose 1.6 per cent to $52.47.