Wall Street rises to new highs, boosted by Apple deal

A trader smiles as he works on the floor of the New York Stock Exchange after the market opening in New YorkBy Ryan Vlastelica NEW YORK (Reuters) – U.S. stocks rose Monday, advancing to all-time highs as Apple Inc surged on a distribution deal with China Mobile. Tech titan Apple said Sunday it had signed a long-awaited agreement with China Mobile Ltd to sell iPhones through the world's biggest network of mobile phone users, a deal that could add billions of dollars to its revenue. "This is just good news, and a much bigger strategic deal than had been forecast," said Oliver Pursche, president of the Suffern, New York-based Gary Goldberg Financial Services, which owns the stock. "Apple is incredibly undervalued at this stage, and this deal can help it trade well beyond $ 600 early in 2014." Shares of Apple jumped 3.3 percent to $ 567.13 and the stock's massive market capitalization helped lift both the S&P 500 and Nasdaq.

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