Stocks extend record run, Apple jumps on China Mobile deal

|By:, SA News Editor

Stocks pushed to new highs, with the Dow racking up its 48th record close this year, propelled by strong U.S. data and a rally in shares of Apple; Nasdaq rose 44 points, nearly 1.1%, outpacing other indexes.

Personal spending rose 0.5% in November, which bodes well for holiday sales, although personal income rose just 0.2%, falling short of expectations.

Apple jumped 3.8% on its distribution deal with China Mobile, helping lift the tech sector; Facebook surged 4.8% on its first day of trading as part of the S&P 500, and Google, Oracle and Intel all rose more than 1%.

Home builders and mortgage insurers powered higher on the delay of an expected mortgage fee hike.

Treasury prices pulled back as traders shed holdings ahead of the Fed's planned reduction in its bond buying; the 10-year yield drifted up 4 bps at 2.929%, the highest yield since early September.