Market Synopsis for the day

Stocks continued to grind higher. The Nasdaq rose 0.8%, the S&P 500 0.4% and the Dow Jones industrial average 0.1%, backing off earlier gains. The U.S. home builders’ confidence in the housing market held steady in March after five consecutive monthly gains, keeping sentiment at the highest level in nearly five years as the industry slowly regains its footing after a devastating bust.

But the day belonged to AAPL. Before open AAPL announced that it will reward it’s investors with 1.8% dividend yield, i.e 2.65$ quarterly. This is its first dividend since 1995 and plans for a three-year, $10 billion share buyback. As a result, the elated investors pushed the stock price to above 600$ for the first time. Goldman came out and raised it’s price target to 700$. Kudos to the most valued compnay. But this was not it. AAPL’s latest HD tablets that went on sale on Friday have already topped 3 million units in sales. No respite for AAPL owners!

Some good reads –

Apple opens its $98 billion cash pile (REU)

UPS to buy TNT for $6.85 billion (REU)

Least Volatile Market in two Decades (BL)

New Ipad Sales Tosp 3 Million (MW)

Home Builders are becoming bullish (MW)

Chinese Home Prices Drop (BL)

China Raises Gas Price by 7% (MW)

And Finally The Day Ahead