It's called the "Santa Claus Rally" — a flurry of end-of-year bond-busting on Wall Street and indeed, U.S. stocks rose right out of the gate this morning, with benchmark indexes extending all-time highs on the news that Apple had struck a deal to sell its iPhones through China Mobile, the planet's largest phone company.
Apple stock soared at the beginning of trading on the NASDAQ exchange. By mid-morning, Apple had jumped nearly 3 percent to $565 per share.
Additionally, the International Monetary Fund indicated this morning that it would be raising its outlook for the nation's economy. An IMF report last week indicated the U.S. economy expanded at a 4.1 percent annualized rate in the third quarter, as consumers stepped up spending on services and companies invested more in software. The reading was the strongest since the final three months of 2011 and up from a previous estimate of 3.6 percent, according to the report.
Also, new data out this morning showed that consumer spending rose in November by the most in five months as Americans took advantage of store discounts during the year-end shopping season, giving the world's largest economy a lift.
But the news was not so good on the Micron homefront as Bank of America downgraded Micron from a "neutral" rating to an "underperform" rating.
Micron Technology stock opened at $22.17 this morning on the New York Stock Exchange and spent most of the morning dropping in value. Micron Technology has a one-year low of $6.07 and a one-year high of $23.67. The stock has a 50-day moving average of $20.43 and a 200-day moving average of $16.26.