Wall Street rises as Apple rallies

Last Updated: May 08 2018 | 10:36 AM IST

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New Delhi, May 08 (ANI): Wall Street climbed on Monday. American multinational technology company Apple's sixth straight day of gains helped drive the markets higher. A spurt in oil prices ignited energy stocks, and that powered the stock markets higher Monday. Tech stocks like Apple also on the vanguard as defensive stocks like utilities took a backseat. Apple continued to plow higher. It's still riding on Friday's news that Berkshire Hathaway's Warren Buffett had raised his stake in the iPhone maker. Tyson Foods shares rose. Quarterly profit at the United States' largest meat processor declined and missed analysts' estimates. Higher costs for labor and transportation hurt results. Nestle will pay Starbucks $7 billion for the rights to sell its products worldwide. The news sent shares of Starbucks down and Nestle up. The Swiss food giant's rally and positive corporate earnings helped drive the European markets higher. They closed near the sessions' highs.