Fed bond-buy lifts stocks for a second day
The stock market rose again Friday because of economic help from the Federal Reserve. But even some of the buyers weren't believers.
Apple, the most valuable company in American history, blew through its own all-time high and neared $700 per share in mid-session as it started taking orders for the iPhone 5. Apple closed Friday at $691.28
The gains came on top of a 206-point climb for the Dow on Thursday, when the Fed laid out additional plans to try to energize the economy, including buying $40 billion a month in mortgage bonds for as long as necessary.
But a day later, even with the market rising, plenty of investors were unconvinced. They bought stock, but they also worried that the Fed can't do much to fix the economy and predicted that the stock market gains would be short-lived.
The Dow closed up 53.51 points to 13,593.37 -- a 4 percent rally away from its all-time high of 14,164, reached Oct. 9, 2007.
The Standard & Poor's 500 index rose 0.40 percent to 1,465.77. The Nasdaq composite index rose 0.89 percent to 3,183.95. -- AP