Apple, Cisco lead Wall Street higher for fifth straight session

From Reuters - February 15, 2018

(Reuters) - U.S. stocks rose for the fifth straight day on Thursday, led by blue-chips Apple and Cisco, as investors shrugged off fears of rising inflation and hunted for bargains after last weeks sell-off.

Cisco shares jumped nearly 5 percent after the network gear maker posted upbeat results and forecast, while Apple rose 1.2 percent after Warren Buffetts Berkshire Hathaway made the iPhone maker its top investment.

The duo, along with strong gains in industrials, pushed the Dow Jones Industrial Average up 0.75 percent to 25,079.59.

The S&P 500 gained 0.51 percent to trade at 2,712.32 and the Nasdaq Composite rose 0.47 percent to 7,177.39.

A lot of investors are looking for opportunities or pull backs to put money to work, theres still a lot of cash out there looking for something to do, said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

I think were back to buy the dips mentality here.

A Labor Department report showed U.S. producer prices rose 0.4 percent in January, but only matched economists estimates and likely helped further ease fears that inflation was picking up faster than expected.

That comes a day after strong January consumer prices data raised fears of inflation and faster interest rate hikes. A report showed an unexpected fall in retails sales last month. But after a dip, the market closed higher Wednesday.


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