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Holiday cheer on Wall St.

Monday, December 23, 2013 - 02:02

Dec. 23 - Summary: Stocks hit new record highs, Apple stock jumps on China Mobile deal, Facebook joins S&P 500; Target sales hit by data breach. Bobbi Rebell reports.

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Stocks were up on Monday, driven in large part by Apple and its distribution deal with China Mobile. The Dow and S&P 500 reaching new all-time highs- extending gains from last week. Jason Weisberg is a managing director at Seaport Securities. SOUNDBITE: JASON WEISBERG, MANAGING DIRICETOR, SEAPORT SECURITIES (ENGLISH) SPEAKING: "I think what's driving markets today is a continuation of what we've seen over the last few weeks, certainly months. It's just a validation of a rally that we've seen, the overall rally that we've seen in the 2013 equity markets in the U.S., and I think, going forward, that will continue as long people can see and maintain the faith that the economy is slowly improving." Volume was light and is expected stay that way as many traders take time off for the holidays. Equity markets will close early on Tuesday and stay closed on Wednesday for Christmas. Apple's stock shot up- as did U.S. listed shares of China mobile- Investors enthusiastic about Apple's deal with China Mobile to sell iPhones through what is the world's biggest network of cell phone users. It has the potential to add billions of dollars to Apple's revenue. Facebook stock also a winner- on its first day as a component of the S&P 500. But with the countdown to Christmas - everyone is now looking at retailers, and the picture is not pretty. Target still being impacted by its massive data breach. The Wall Street Journal says the number of transactions at Target fell 3-4 percent compared to last year's final weekend before Christmas, according to Customer Growth Partners. And overall, U.S. consumers shopped less during the final weekend before Christmas, despite deeper discounts according to RetailNext. But the Thomson Reuters and University of Michigan's final December reading on consumer sentiment, showed consumer sentiment rose to its strongest in five months- though not as much as estimates. In Europe, shares rose for the fourth consecutive session on Monday, with Germany's DAX index hitting a record high.

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Holiday cheer on Wall St.

Monday, December 23, 2013 - 02:02