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Apple rally leads to healthy stock gains

Monday, May 16, 2016 - 01:10

Stocks got a jump start in the first trading session of the week after Apple shares rose on news that Warren Buffet's Berkshire Hathaway invested in the iPhone maker. Bobbi Rebell reports.

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A rally in Apple's shares powered Wall Street higher on Monday. Rising oil prices also got investors to buy stocks. Meridian Equity Partners' Jonathan Corpina: (SOUNDBITE) JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "I think, overall, we have more upside than downside at this point. Any negative news we've gotten so far this year really hasn't rattled this market so much." Warren Buffett is taking a bite of Apple. His investment firm, Berkshire Hathaway, disclosed Monday it had bought a billion dollar stake in the iPhone maker. Apple was the Dow's leading gainer. Yahoo shares also getting the benefit of Buffett. Berkshire is backing a consortium that seeks to buy Yahoo's Internet assets. Pfizer's buying Anacor Pharmaceuticals for $5.2 billion. The deal with the eczema drug developer comes one month after it scrapped its merger deal with Allergan. Extra, extra! Gannett hiked its unsolicited bid for Tribune Publishing by more than a fifth. Shares of the Chicago Tribune publisher vaulted higher. Stocks finished flat in Europe. Volume was thin with the German and Swiss markets closed for a public holiday. The FTSE 100 finished in the black.

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Apple rally leads to healthy stock gains

Monday, May 16, 2016 - 01:10