“The stock market enjoyed a mild yet broad rally on Friday following stellar U.S. job gains and a decent rise in hourly wages for February,” David Saito-Chung reports for Investor’s Business Daily. “The Nasdaq composite’s 0.3% gain exceeded advances of 0.2% for both the S&P 500 and the Dow Jones industrial average. ”
“Apple rose 0.4% to 139.20, reaffirming its dominance among blue chip techs in 2017. The megacap iPhone maker is now up 26% past a 110.33 cup-with-handle buy point that IBD noted in a Stock Market Today column on Sept. 14 last year,” Saito-Chung reports. “Apple has also acted well since forming another cup with handle and breaking out of that base on Jan. 6 at 118.12.”
“In that cup with handle, the decline was extremely mild at just 12.3% from head to toe. This is actually a good thing, however, when you consider that most solid cup-with-handle patterns tend to show a decline of 20% to 30%,” Saito-Chung reports. “Plus, Apple’s handle, which formed over six sessions in late December, showed a very light drop in bone-dry trade. That’s ideal action for the final shakeout of uncommitted holders before a potential new breakout and big rally to 52-week or all-time highs arrives.”
Read more in the full article here.
“Nonfarm payrolls increased by 235,000 in February and the unemployment rate was 4.7 percent in the first full month of President Donald Trump’s term, the Bureau of Labor Statistics reported Friday,” Jeff Cox reports for CNBC. “Average hourly earnings increased by a healthy 2.8 percent on an annualized basis.”
“Construction led the way, growing by 58,000, the most in almost a decade, while manufacturing also posted strong gains with 28,000 new jobs,” Cox reports. “Economists surveyed by Reuters had expected the economy to add 190,000 jobs.”
“The numbers come amid heightened expectations for economic growth as the president pushes an agenda of tax cuts, less regulation and higher domestic spending. Earlier in the week, ADP and Moody’s Analytics reported that private payrolls increased by a surprising 298,000,” Cox reports. “‘You’re getting more strength in the labor market than I would have anticipated,’ said John Canally, chief economic strategist at LPL Financial. ‘There’s been a burst in animal spirits since Trump was elected.’ The total of employed Americans surged by 447,000 to 152.5 million, the highest ever.”
Read more in the full article here.
MacDailyNews Take: Not a new all-time closing high, but close for Apple (all-time closing high stands at $139.79 on March 3, 2017).
AAPL at $142.86 per share would equal $1000 per share pre-split (2014’s 7:1 split).
SEE ALSO:
U.S. Consumer Comfort Index hits highest level in a decade – March 9, 2017
Samsung plans major U.S. expansion, would shift manufacturing from Mexico – March 8, 2017
U.S. private sector job creation booms in President Trump’s first full month as employers add 298,000 jobs – March 8, 2017
Apple supplier Sharp may begin building $7 billion U.S. plant in within months as Japan PM meets President Trump – February 8, 2017
Foxconn-Sharp considering LCD plant in USA, plans in response to President-elect Trump’s ‘Make in America’ call – January 13, 2017
With President Trump soon to take office, Apple looks to boost its ‘Made in America’ credentials – January 10, 2017
Make America Insanely Great Again: Apple seeks to expand Made in USA manufacturing – January 9, 2017
Apple invests $1 billion in SoftBank’s massive tech fund; may help company get in President Trump’s good graces – January 4, 2017
Apple in talks to invest $1 billion in SoftBank tech fund – December 13, 2016
Softbank to invest $50 billion in the U.S., create 50,000 new tech jobs after meeting with President-elect Trump – and Apple supplier Foxconn is in on the deal – December 6, 2016
President-elect Trump invites tech leaders to roundtable in Manhattan next week – December 6, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
President-elect Trump says Apple CEO Tim Cook called him after election victory – November 22, 2016
Apple could make iPhones in the U.S.A. under President Trump, sources say – November 17, 2016
Japan’s Softbank just became one of Apple’s most important suppliers – July 18, 2016