Stocks Still Climbing on Fed News; iPhone 5 Boosts Apple Stock
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Hemera/Thinkstock(NEW YORK) — Investors are still energized by the Fed’s plans to jumpstart the economy. On Friday, energy and materials shares led advancements despite flat retail sales and production data.
The Dow called it a week up 54 points to close at 13,593.37. The Nasdaq gained 28.12 points, closing at 3183.95. The S&P added just six points and closed at 1,465.77.
August was not a good month for industrial production, which fell 1.2 percent, the Federal Reserve says. A decline in output at auto plants dragged manufacturing down for the month.
Meanwhile, Apple shares jumped 1.2 percent Friday as the company began taking orders for its new iPhone 5. In a matter of hours it sold out of its first batch of the smartphones and increased the shipping time by a week to two weeks.
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