Apple leads Nasdaq Composite Index to biggest gain in four years

“U.S. stocks rallied the most in two months after Wal-Mart Stores Inc.’s profit beat analysts’ estimates and Goldman Sachs Group Inc. said it doesn’t plan any significant writedowns on mortgage-related assets,” Michael Patterson reports for Bloomberg.

“Apple Inc. led the Nasdaq Composite Index to its biggest gain in four years after China Mobile Ltd. said it’s in talks to sell the iPhone in China,” Patterson reports. “The Nasdaq Composite Index added 89.52, or 3.5 percent, to 2,673.65.”

“Apple rallied $16.20, or 11 percent, to $169.96. A deal with China Mobile will give Apple access to a market with more mobile-phone users than the combined population of the European Union. Separately, AppleInsider reported that the company will unveil a new notebook computer at its annual Macworld Expo in January,” Patterson reports.

“Adobe Systems Inc., the biggest maker of graphic-design software, retreated $1.33, or 3.2 percent, to $40.86 for the second-biggest drop in the S&P 500. Chief Executive Officer Bruce Chizen unexpectedly resigned. Shantanu Narayen, currently Adobe’s president and chief operating officer, will replace Chizen,” Patterson reports.

Full article here.

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