US stocks rise as Icahn discloses huge Apple stake
NEW YORK (AFP) - US stocks closed in positive territory on Tuesday as corporate raider Carl Icahn revealed a large stake in Apple, sending the technology titan 4.8 per cent higher.
The broad-based S&P 500 climbed 4.69 (0.28 per cent) to 1,694.16, while the tech-rich Nasdaq Composite Index increased 14.49 (0.39 per cent) to 3,684.44.
The Dow Jones Industrial Average, whose 30 blue chip stocks do not include Apple, gained 31.33 (0.20 per cent) at 15,451.01.
Shares in Apple skyrocketed to finish at US$489.57 after activist Mr Icahn took to Twitter to disclose his "large" stake in the company, which he rated "extremely undervalued." Mr Icahn said he had pressed Apple chief executive Tim Cook to increase the company's share buyback, a move that often boosts a company's share price.