S&P 500 Falls, Gold Jumps; Return Plans Boost Apple After Market
Bloomberg - Apr 27, 2015
U.S. stocks fell amid a retreat in biotechnology shares, while gold rallied on speculation the Federal Reserve won’t move soon on interest rates. Apple Inc. climbed in extended trading after boosting the amount it will return to shareholders and posting better-than-forecast results.
The Standard & Poor’s 500 Index lost 0.4 percent from a record by 4 p.m. in New York, while the Russell 2000 Index tumbled 1.2 percent. Gold climbed 2.4 percent for its biggest advance since January, as conflicting U.S. data clouded the outlook for rate increases. Silver and copper also rose. The Stoxx Europe 600 Index jumped 1 percent on optimism over Greek bailout talks. Apple climbed 1.5 percent after market’s closed.
Apple, the world’s biggest company by market value, increased its capital-return program by $70 billion and recorded a 33 percent jump in profit last quarter amid strong demand for the iPhone. This week’s Fed meeting is in focus along with the Bank of Japan, which reviews policy Thursday. Greece resumed efforts to break a deadlock with its creditors Monday as opinion polls showed a majority of people want the government to make compromises to secure funds for the economy.
“The market obviously wants to go higher but it’s struggling to make its way, to get that breakout and confirm it,†Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co., said by phone. “‘You’ve got biotechnology down here now, leading everything lower.â€
The S&P 500 climbed to an all-time high of 2,117.69 last week, and the Nasdaq Composite Index surpassed its record reached in 2000, after Google Inc., Microsoft Corp. and Amazon.com Inc. rallied after reporting earnings.
