US stocks continue to strike record highs

Apple supports the tech scetor rising close to 4%

U.S. stock indices extended their record run on Monday, 23 December 2013, with the S&P 500 and the Dow Jones Industrial Average closing at all-time highs while the Nasdaq Composite ended at its highest level since September 2000. Stocks jumped at the open with the technology sector driving the early surge. The space received considerable support from its largest component, Apple.

The S&P 500 rose 9.67 points, or 0.5%, to finish at 1,827.99, while the Dow advanced 73.47 points to 16,294.61. The Nasdaq Composite jumped 44.16 points to 4,148.90.

Eight out of ten economic sectors ended higher as the telecom sector posted a solid gain while consumer staples, health care and utilities lagged.

Apple spiked 3.8% after inking a long-rumored distribution agreement with China Mobile.

In overnight trading the featured news was spiking short-term interest rates in China, mainly due to end-of-quarter and end-of-year pressures on banks to square up their books.

Today's economic data at Wall Street was limited to just two reports, neither of which saw a notable reaction in the market. Personal income increased 0.2% in November after declining 0.1% in October. The consensus expected personal income to increase 0.5%. Compensation levels were a little softer than the employment report implied, increasing 0.3% instead of 0.6%. That difference likely caused the weaker-than-expected income gain. Personal spending rose 0.5%, in-line with consensus expectations, after increasing an upwardly revised 0.4% (from 0.3%) in October.

Separately, the December University of Michigan Consumer Sentiment Index remained at 82.5 in the final reading while the consensus expected the index to be revised up to 83.3.

Emboldened by Apple's strength, other top sector components also rallied. Google, Oracle and Intel gained between 1.1% and 1.5%. Despite Intel's strength, other chipmakers struggled to keep pace with the secto

Bullion prices remained under pressure Monday, 23 December 2013 at Comex. Gold prices finished below $1,200 an ounce. Gold prices finished the U.S. day session weaker as the approaching holidays have squelched participation in most markets. With the Christmas holiday on Wednesday look for thin volumes and lackluster trading conditions for most of this week and next week.

Gold for February delivery declined $6.70, or 0.6%, to $1,197 an ounce. March silver lost 4 cents, or 0.2%, to close at $19.41 an ounce.

Crude Oil futures drifted lower on Monday, 23 December 2013 at Nymex but continued to hover just below a two-month high as traders weighed signs of an improving U.S. economy. February crude oil fell 41 cents, or 0.4%, to close at $98.91 a barrel.

Indian ADRs closed higher on Monday. Among banks, ICICI Bank climbed 0.55% to $36.56 per ADR and HDFC Bank rose 1.35% to $34.57. In the technology space, Infosys was down 0.21% to $56.88 while Wipro gained 0.96% to $12.61. Among others, Tata Motors rose 0.72% to $30.57 and Dr Reddy's Labs soared 0.17% to $40.96.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while November Durable Orders will cross the wires at 8:30 ET. The October FHFA Housing Price Index will be reported at 9:00 ET while the New Home Sales report for November will be revealed at 10:00 ET.

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