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Title: SmarTrend Market Close Wrap Up -- February 13, 2012

Description:
The major U.S. equity indices closed higher Monday on news Greece has approved austerity measures and President Obama has released a new budget proposal. Greek parliament passed new austerity measures today that will hopefully give the country funds to avoid default. The vote was 199 to 74 just past midnight on Monday amid protests. The euro rallied immediately after the vote but failed to sustain a push above the $1.33 level. Greece is now in its fifth year of recession. And President Obama revealed his budget for 2013, planning to borrow $1.3 trillion and raising up to $1.5 trillion in new taxes over the next decade. The budget proposal will raise the money from allowing tax cuts for wealthier Americans to expire and also imposing a 30 percent tax rate on millionaires. In spending, the president is calling for $350 billion on jobs programs, $476 billion in infrastructure projects and $2.2 billion in manufacturing research and development. Finally, in corporate news shares of Apple surpassed the $500 mark in trading today, hitting an all time record. The tech giant has risen 19% since reporting its earnings results for the December quarter on January 24th. Even after hitting this milestone, however, the stock is still 85% below price targets set by brokers. The Dow Jones Industrial Average (DJI) closed 0.57% higher at 12,874.04, the S&P500 (S&P 500 INDEX,RTH) closed 0.68% higher at 1,351.77 and the Nasdaq Composite (IXIC) closed 0.95% higher at 2,931.39.

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