“Stocks rose on Wednesday, May 2, after the Federal Reserve decided to keep interest rates unchanged and as shares of Apple Inc. rose after the tech giant reported stronger-than-expected fiscal second-quarter earnings on Tuesday,” Joseph Woelfel reports for TheStreet. “The Dow Jones Industrial Average was up 34 points, or 0.14%, shortly after the Fed released its decision at 2 p.m. ET. The S&P 500 was up 0.05% and the Nasdaq was up 0.40%.”
“The private sector added 204,000 jobs in April, according to the ADP National Employment Report, which is a precursor to the official U.S. jobs report that will be released on Friday, May 4,” Woelfel reports. “Apple was rising [5.05%] on Wednesday after the iPhone giant beat revenue and earnings expectations for its second fiscal quarter, and assuaged fears of low iPhone demand.”
“The company earned $2.73 a share on revenue of $61.1 billion, ahead of forecasts of earnings of $2.67 a share on revenue of $60.82 billion,” Woelfel reports. “Apple also announced that it was raising its quarterly dividend by 16% and announced a new $100 billion share buyback plan.”
Read more in the full article here.
MacDailyNews Take: AAPL is back within shouting distance of a new all-time high.
We refer to [the current climate of negative speculation], internally, as “Back up the Truck” season. — MacDailyNews Take, April 28, 2018
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