Apple gains; tech stocks pare back losses on speculation of potential fiscal cliff deal

“Technology stocks benefitted from a late-day recovery on Thursday, as word spread of a meeting planned for the U.S. House of Representatives on Sunday that could include a break in the impasse over the so-called fiscal cliff,” Dan Gallagher reports for MarketWatch.

“The turn came on reports that Congress will meet over the weekend — raising hopes that lawmakers and President Obama may hammer out a deal to avert the fiscal cliff, which refers to a mix of large tax hikes and spending cuts that could materialize if a budget deal is not settled before the new year,” Gallagher reports. “Apple was among the most notable beneficiaries of the recovery. The consumer electronics maker closed up 0.4% to $515.06. The stock had been on pace earlier to close at its lowest level since mid-February.”

Gallagher reports, “Large-cap tech stocks with large exposure to federal spending still saw notable declines for the session. Cisco Systems closed down 1.4% while Oracle shed about 1%.”

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