Market Minute: Apple Hints at New Gadgets; Wet Seal Shares Soar
Apple hints at new products in the pipeline, while investors embrace Wet Seal.
The Dow industrials (^DJI) rallied 106 points Tuesday, and the S&P 500 (^GSPC) gained 10 -- both closing at record highs once again. The Nasdaq (^IXIC) rose 29 points.
The Dow's quirky Tuesday streak is still alive. It's now gained ground on 20 straight Tuesdays.
Apple Inc. (AAPL) CEO Tim Cook says the company has "several more game changers" on the way -- even though he didn't provide any specifics during a speech at an AllThingsD conference. He did say wearable technology products could have a big future, indicated that Apple may soon increase its TV offerings, and hinted that major redesigns of the iPhone and iPad software are on the way.
The women's clothes retailer Wet Seal (WTSL) posted better than expected earnings and forecast a profit of the current quarter. Analysts were expected a loss. Wet Seal shares are up more than 60 percent this year, and are set to add to that today.
The yield on the 10-year Treasury note rose to its highest level in more than a year, and that's putting pressure on utility stocks. Those stocks had been hot because of their high dividends, but rising Treasury rates make the utilities less attractive.
Pork and meat producer Smithfield Foods (SFD) has agreed to be acquired by a Chinese firm. The deal values the company at more than $7 billion.
The Japanese company Softbank is reportedly close to winning national security approval for its planned $20 billion takeover of Sprint Nextel (S). That approval could be announced today.
And if you want to get in on one of the most highly anticipated IPO this year, you might need to use a foreign market. The Financial Times reports the Chinese Internet company Alibaba may list in Hong Kong, but not the U.S. But Yahoo (YHOO) stands to be a big winner. It owns about 24 percent of Alibaba.
-Produced by Drew Trachtenberg