(NEW YORK) — Stock indexes ended the day near session highs thanks to optimism over talks in Washington to avoid the “fiscal cliff” — automatic spending cuts and tax increases set to take effect at the beginning of next year.
The Dow Jones Industrial average added more than 100 points Monday, closing at 13,235.39. The S&P was up 17 points at 1430.36, a 1.2 percent increase. The Nasdaq added 39 points to close at 3,010.60.
Although Apple shares closed up today, rising $9.04 or 1.8 percent, share prices have dropped to near $500 after hitting an all-time high of $705 a share in September. Financial firms don’t believe Apple will meet its earnings expectations.
Even so, the iPhone 5 is a hit in China. Apple’s newest phone went on sale there Friday, and the company says in the last three days it sold more than two million iPhone 5’s, setting a record for the Chinese market.
Copyright 2012 ABC News Radio
Magdala Louissaint, KPVI
Kathryn Vasel, CNN