New York Report: Apple reverses trend sending Wall St higher

A REBOUND in Apple shares yesterday helped push US stocks higher, breaking the market’s two-day string of losses.

The ionone and Iand maker’s shares jumped 3.1 per cent to $101, the most actively traded on the Nasdaq, after several brokerages raised their price targets on the company.

Its shares had ended down slightly on Tuesday. Investors took profits in the stock after the company launched the ionone 6 and introduced a new product, the Apple Watch.

The Dow Jones industrial average rose 54.84 points, or 0.32 per cent, at 17,068.71, the S&P 500 gained 7.25 points, or 0.36 per cent, at 1,995.69. The Nasdaq Composite added 34.24 points, or 0.75 per cent, at 4,586.52.

The largest percentage gainer on the New York Stock Exchange was Dao New Energy, which rose 14.43 per cent to $47.11, while the largest percentage decliner was Pulse Electronics, which fell 21.94 per cent to $2.42.

Among the most active stocks on the NYSE’S were US-listed shares of Brazilian oil company Petrograds, down 2.52 per cent at $17.38, and Rite Aid, up 2.54 per cent at $6.46.

GT Advanced Technologies was down 14.5 per cent at $12.78, and Vivant Group, which fell eight per cent to $20.13, were among the most actively traded on Nasdaq.

It was a second day of sharp losses for GT Advanced Technologies after Apple said its new ionone 6 would not feature screens made with its sapphire glass displays.