“The Dow Jones industrial average rallied more than 2.1% in early-afternoon trade Wednesday, trying to halt a massive four-session slide in which the blue-chip gauge plummeted 8%,” David Saito-Chung reports for Investor’s Business Daily. “But the Nasdaq composite is leading the rebound in stocks today, aided by institutional bargain-hunting in the FANG stocks.”
“Apple, meanwhile, is also trying to stop a four-day selling skid with a gain of more than 3.7%,” Saito-Chung reports. “Volume is running at more than 40% its usual daily pace of 43.6 million shares per day. “At 1 p.m. ET, the Nasdaq composite, which hit the technical definition of a bear market during last week’s waterfall-style decline, rose more than 3.3%. If it holds that gain, it would the biggest single-session gain since a 3.3% rise on March 26 for the premier index of growth stocks.”
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MacDailyNews Take: As we publish this article, shares of Apple are up 4.50%. Did Apple just bounce off its bottom? Only time will tell.