Wall Street retains strong gains

US shares maintained their price advances late in the New York trading session, although Apple slipped following the launch of its new iPhones.

With under an hour to the close of the New York stock markets, the Dow was trading up 0.74% or 111 points at 15,174, on course for its second day in a row of triple-digit gains. We haven’t seen that happen since June.

The NASDAQ 100 gained 0.46%, despite Apple sliding more than 2% after it announced two new versions of its iPhone. As we have seen so many times before, Apple’s share price has performed strongly leading up to a new product launch, only to slip back once the rumour becomes a reality.

Bank of America rose over 1% after Bloomberg reported the banking giant plans to streamline its business by cutting over 2000 jobs and closing 16 mortgage offices. Bank of America will cease to be a member of the Dow Jones Industrial Average on 23 September, as Dow Jones announced a reshuffle of the index that will see Alcoa and Hewlett-Packard also removed to make way for replacements Goldman Sachs, Nike and Visa.

President Obama is set to address the US nation about Syria later today and it will be interesting to see if he gives any further information on how the US views Russia’s proposal for Syria to hand over its chemical weapons.

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