Apple hits new high as US stocks gain

Apple shares hit a new all-time high Friday as US stocks closed out the week with a second day of solid gains that put the Dow at its highest level since the last days of 2007. Apple shares rose to a high of $648.19, after reports that it was nearing the launch of a new iPhone model and a reduced-size iPad. The stock closed up 1.9 percent at $648.11. Facebook meanwhile continued its fall, losing 4.0 percent in the second day after pre-IPO investors were allowed to sell their shares. At $19.07, the shares were almost exactly half of the May 18 initial offer price of $38. The Dow Jones Industrial Average finished up 25.09 points (0.19 percent) at 13,275.20, while the broader S&P 500 added 2.65 (0.19 percent) to 1,418.16. With the help of Apple, the world's largest company by market capitalization, the tech-heavy Nasdaq gained 14.20 points (0.46 percent) to 3,076.59.