“Technology stocks staged a late rally Friday as gains from Apple Inc. helped the Nasdaq Composite Index erase a nearly 100-point loss and financial leaders and central bankers met in Washington to discuss plans to combat the growing worldwide credit crisis,” Rex Crum reports for MarketWatch.
“Apple Inc. (AAPL) led the tech turnaround, rising $8.06 a share, or 9.1%, to close at $96.80. Before the market opened, Oppenheimer analyst Yair Reiner cut his price target on Apple’s stock to $145 from $213, but said there is value in the stock at its current levels. Reiner also left his outperform rating on Apple’s stock intact,” Crum reports. “The NASDAQ ended with a gain of 4.4 points to close at 1,649.”
“The Wall Street Journal reported that the U.S. government is considering steps such as guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits to lend support to the financial sector,” Crum reports. “Additionally, finance ministers from the world’s leading economies met in Washington to address the crisis.”
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