Wall Street rallies, world shares gain following Apple profit report
European shares opened with little change, and Asian shares were mostly higher Monday after a widespread rally on Wall Street, partly spurred by Apple’s report of better profit than expected, according to the Associated Press.
Apple, the most valuable stock on Wall Street, gained 4.7% on Friday, helping to lift the S&P 500. The iPhone maker’s earnings and revenue fell but still exceeded analysts’ muted expectations.
The future for the S&P 500 remained nearly unchanged, while the contract for the Dow Jones Industrial Average edged 0.1% higher.
Oil prices rose, with benchmark U.S. crude oil picking up $1.27 to $72.61 per barrel in electronic trading on the New York Mercantile Exchange. It jumped $2.78 on Friday to $71.34 per barrel.
The Fed said last Wednesday it wasn’t sure of its next move after raising its benchmark rate to a range of 5% to 5.25%, up from virtually zero early last year.
High interest rates have already caused cracks in the U.S. banking system. Last week, regulators seized First Republic Bank, which became the third large U.S. bank failure to hit since March.