Apple surprises the market. Chief Executive Officer Tim Cook tells the Wall Street Journal that the company has bought back $14 billion worth of shares in the past two weeks. This represents 3 percent of shares outstanding. That's 78 percent on an annualized basis. At that rate, the world's largest company by market capitalization would effectively go private next year.
The Standard & Poor’s 500 Index rose following its first three-day slump since September, as gasoline and oil rallied while gold and silver slid. Emerging market stocks fell as a gauge of Chinese manufacturing missed estimates and the Federal Reserve said it may reduce stimulus.
U.S. stocks rose, sending the Dow Jones Industrial Average to its first close above 16,000, as data showed improvement in the job market and companies including Union Pacific Corp., Johnson Controls Inc. and Ace Ltd. said they would repurchase shares.
U.S. stocks had the biggest weekly retreat since June as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors.
Dollarama Inc. is beating Wal-Mart Stores Inc. and Target Corp. as the top North American mass retail stock this year on forecasts its dominance of the Canadian market will be unchallenged for as much as five years.
U.S. stocks rose, led by automakers and technology companies, as a Senate panel voted to authorize military action in Syria and the Federal Reserve said the economy maintained a “modest to moderate” pace of growth.