Apple on a high after court win
US stocks were barely changed in light volume yesterday as investors waited for signs from central banks about stimulating the weak economy, though Apple’s shares hit a record high after a major court victory.
Apple rose two per cent to $676.56 after the iPad maker won a $1bn judgment in a patent lawsuit against Samsung Electronics. Samsung of South Korea said it would contest the verdict. Earlier, Apple hit an all-time high of $680.87.
Investors are looking ahead to Federal Reserve Chairman Ben Bernanke’s speech to a meeting of central bankers at Jackson Hole, Wyoming, on Friday.
Bernanke is likely to keep markets guessing about the timing of another round of bond purchases, but he is likely to sustain expectations for action of some kind next month.
Stocks have rallied in recent weeks on growing expectations for a third round of quantitative easing from the Fed, as well as possible action from the European Central Bank.
The Dow Jones industrial average was down 4.88 points, or 0.04 per cent, at 13,153.09. The Standard & Poor’s 500 Index was up 2.45 points, or 0.17 per cent, at 1,413.58. The Nasdaq Composite Index was up 8.45 points, or 0.28 per cent, at 3,078.24.