“Technology stocks put in early gains Tuesday as the sector rose along with the broad market following the Federal Reserve’s latest efforts to stimulate the economy,” Rex Crum reports for MarketWatch.
“Before the market opened, the Fed said it would extend its securities lending program and lend up to $200 billion worth of Treasury securities to secured deals for 28 days instead of overnight,” Crum reports.
“Following the Fed’s move, the tech-heavy Nasdaq Composite Index rose 42 points, or 2%, to 2,211. The Morgan Stanley High Tech 35 Index and the Philadelphia Semiconductor Index each rose as much as 2%,” Crum reports.
“Notable gains came from Apple Inc. which rose $3.92, or more than 3%, to $123.61.
Full article here.
The stock will get up again to 200. And more.
Apple will just have to show that
1. iPod sales are generating huge profits
2. Mac sales are getting obscene
3. iPhone is the next big thing and will go the same way as the iPod.
Next quarter’s numbers will be interesting and hopefully demonstrate that everything is kosher.
Thanks, ron. Apparently I lost an ‘s’.
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At least it is not a ‘capital’ offense….
Geez, TT. Even Zune Tang’s jokes are better than that one.
The Federal funds rate is the rate that banks charge each other for overnight loans. “Why would one bank borrow cash from another?” you ask. The Fed can require banks to keep a certain percentage of assets in the form of cash on hand or deposited in one of the Federal Reserve banks. From time to time, it will establish a required ratio of reserves to deposits.
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