Stocks in the US were mixed at the open as the Nasdaq continued to forge gains
Stocks in the US were mixed at the open as the Nasdaq continued to forge gains while the S&P 500 and the Dow limped lower. Strong gains from Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) propelled the technology index to new multi-year highs, which is poised to breakout to the upside. Disappointing earnings results from money center bank Citigroup weighed on the other broader indexes. Late in the trading session stock sold off, closing near session lows as congress was not able to put through a deal that would avert a breach of the debt ceiling.
In economic news, New York State’s manufacturing sector slipped in October to its slowest since May, but business optimism stayed strong. The New York Fed’s Empire State’ general business conditions index fell to 1.52 from 6.29 in September. Economists had forecast an index of 7.00.
In corporate news Tuesday, Citigroup (NYSE:C) posted disappointing results for its third quarter as the bank, like its peers, the bank saw a decline as a result of a slump in fixed-income trading and mortgage banking revenue. Citi’s mortgage business was affected by a decline in refinancing given the recent climb in interest rates.
In an effort to further bolster its retail business, Apple Inc., higher Angela Ahrendts, currently the chief executive officer of British luxury retailer Burberry Group to head up its retail efforts. Apple said Ahrendts, would join Apple next year in the newly created position of senior vice president of retail and online stores.
Apple’s stock price moved higher during most of the trading session testing the $500 level, and poised to approach resistance near 510 which were the recent highs seen in August. Momentum on Apple stock price is strong with the MACD (moving average converge divergence) index generating a buy signal where the spread (the 12-day moving average minus the 26-day moving average) crossed above the 9-day moving average of the spread.
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