The market is up. Carl Ichan showed up to the party at Apple and will undoubtedly help them find a way spend some of that cash on their balance sheet.
U.S. Stocks Gain, Treasuries Fall on Retail Sales as Yen Weakens.
U.S. stocks and the dollar rose while Treasuries slid as retail sales data reinforced signals the economy is expanding moderately. European shares climbed to the highest level since May as German investor confidence topped estimates, while gold weakened.
The Standard & Poor’s 500 Index added 0.3 percent at 4 p.m. in New York, erasing an earlier loss, while the Stoxx Europe 600 Index advanced 0.6 percent. Apple Inc. rallied to the highest since Jan. 23 after billionaire investor Carl Icahn disclosed a “large position” in the stock. The yield on 10-year Treasuries rose 10 basis points to 2.72 percent. The Bloomberg U.S. Dollar Index added 0.5 percent and the yen fell versus all of its 16 major peers. Gold lost 1 percent, halting a four-session rally.
U.S. retail sales rose for a fourth consecutive month in July, showing American households are regaining momentum as employment climbs.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury