S&P 500 erases loss as Apple recovery overshadows Spain woes

“The Standard & Poor’s 500 Index rose, erasing losses in the final hour of trading, as a rebound in Apple Inc. overshadowed disappointment after Spanish Prime Minister Mariano Rajoy said a bailout request is not imminent,” Lu Wang and Nikolaj Gammeltoft report for Bloomberg.

“Apple, the largest company by market value, reversed a 1.3 percent drop to end the day higher,” Wang and Gammeltoft report. “The S&P 500 rose 0.1 percent to 1,445.75 at 4 p.m. New York time, after dropping as much as 0.4 percent. The Dow Jones Industrial Average lost 32.75 points, or 0.2 percent, to 13,482.36. Volume for exchange-listed stocks in the U.S. was 5.8 billion shares, or 3.4 percent below the three-month average.”

Wang and Gammeltoft report, “‘Spain took down the market, but people looked past it and found some good entry points in technology stock,’ Frank Ingarra, who helps manage $1.4 billion at Greenwich, Connecticut-based NorthCoast Asset Management LLC, said in a telephone interview. ‘Apple is such a big part of the market and it’s been on a downtrend for a couple of days, so it makes sense for the stock to get some relief and rebound which would translate into the indexes.'”

Read more in the full article here.

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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