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July 4, 2008 10:33:17 PM CDT

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Apple Numbers Lift Markets

Posted Oct 23, 07 3:38 PM CDT in US,  Business    Editor's Choice

(Newser) – Stocks closed up today, thanks partially to good news from Apple, which reported a 67% increase in quarterly profit after yesterday's close. Tech in general continued to bolster the markets despite broader economic worries. The Dow rose 109.26 to 13,676.23, the Nasdaq was up 45.33 to 2,799.26, and the S&P 500 climbed 13.26 to 1,519.59.

"Apple in particular, and really all of tech, has been fairly strong," one trader told the Journal. American Express and the New York Times Co. contributed to the rally with extremely strong earnings numbers. "If companies are still beating expectations, that's a good backdrop for stocks," an investment manager told Bloomberg.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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An American Express card welcome sign is seen above all others at McGerks Pub & Grill in Baltimore in this Jan. 22, 2007 file photo. (AP Photo/Chris Gardner, file)   (Associated Press)
Quarterly profits at Apple are up 67%. (AP Photo/Paul Sakuma)   (Associated Press)
Traffic passes the Nasdaq stock market in this June 19, 2007 file photo in New York. (AP Photo/Mark Lennihan, file)   (Associated Press)
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