Dow up after Apple unveils its new watch - New York Report

US STOCKS bounced back yesterday, helped by a couple of billion-dollar deals, while Apple shares ended slightly higher after the long-anticipated unveiling of its smart watch.

The Dow Jones industrial average rose 136.53 points, or 0.76 per cent, to 17,993.31, the S&P 500 gained 8.14 points, or 0.39 per cent, to 2,079.4 and the Nasdaq Composite added 15.07 points, or 0.31 per cent, to 4,942.44.

The iPhone maker’s stock closed up 0.43 per cent at $127.14 a share. Immediately following the event, the stock fell as much as one per cent, near $125 a share, after rising as high as 2.4 per cent during the event. The stock touched a record price of $133.60 a share on 24 February.

Time Warner closed up 1.28 per cent at $85.20 a share on news that Apple will partner with HBO for a video streaming service called HBO Now.

Twitter was also higher, up 1.8 per cent, after JP Morgan reiterated an “overweight” rating on the stock with a $67 price target.

General Motors was up more than three per cent after announcing a $5bn stock buyback programme and raising its quarterly dividend to 36 cents a share from 30 cents.

Tesla shares closed down 1.6 per cent after The Wall Street Journal reported planned job cuts in China.

McDonald’s was 0.6 per cent higher even after global comparable store sales slid 1.7 per cent in February, far wider than an expected 0.3 per cent decline.

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