US stocks rose on Friday as Apple unveiled its latest iPhone world-wide, driving its shares up to a new peak, and Spain appeared to move closer to an anticipated bailout package. Apple Inc climbed 0.9 percent to $704.78, after earlier hitting an all-time high of $705.07. The iPhone 5 hit stores around the world, giving the world's most valuable company a boost ahead of the crucial end-of-year holiday season.
At midday stocks were slightly off their highs of the day. The Dow Jones industrial average gained 35.60 points, or 0.26 percent, to 13,632.53. The Standard & Poor's 500 Index gained 4.60 points, or 0.31 percent, to 1,464.86. The Nasdaq Composite Index gained 15.88 points, or 0.50 percent, to 3,191.84.
The benchmark Standard & Poor's 500 Index has gained about 6.2 percent since the start of August, mostly on expectations for new economic stimulus measures from the world's central banks. Last Thursday, the Federal Reserve announced a third round of stimulus or quantitative easing, known as Q3, intended to bolster the economy and reduce US unemployment. This week, though, the market's action has been muted, with the S&P 500 barely moving 0.4 percent in either direction daily.