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Apple posts record sales

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Published on: Wednesday, July 21, 2010

Wall Street closed higher as tech-giant Apple posted record sales.

The Dow was up 75.53 points, or 0.74 per cent, to 10,229.96.

The S&P 500 gained 12.23 points, or 1.14 per cent, to 1083.48.

The Nasdaq added 24.26 points, or 1.1 per cent, to 2222.49.

After the bell, tech-giant Apple reported its best quarterly sales on record. Sales rose $15.7 billion, up 61 per cent from the same period last year. Net income was up 78 per cent to $3.25 billion.

Yahoo, though, posted revenue that fell short of estimates and saw its share fall by more than seven per cent, reporting quarterly revenue of $1.6 billion from $1.57 billion the same period a year earlier.

Tomorrow, investors can expect reported earnings from Coco-Cola, Wells Fargo, Starbucks and Morgan Stanley, among others.

Despite the fanfare on the corporate reporting front, concerns continue over the strength of the year to come. Reports revealed June housing starts dropped to the lowest level this year, down five per cent to 549,000. This was well below analysts’ expectations of 575,000.

"People are very concerned about growth in the second half," Ryan Larson, head of US equity trading at RBC Capital Markets told CNN. "That's going to be key to sustaining any rally coming out of earnings season."

Gold was last at US$1191.7, up 0.85 per cent, and oil at US$77.4.

The Aussie dollar was last buying US$0.8838 and €0.6864.

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