“Stocks rose on Thursday as Apple and Micron surged to lead the tech sector higher,” Fred Imbert reports for CNBC. “The Dow Jones Industrial Average traded 200 points higher as a 3.6 percent gain in Apple offset a decline in J.P. Morgan Chase. The S&P 500 traded 0.8 percent higher while the Nasdaq Composite outperformed, rising 1 percent.”
“Apple rose after Needham upgrade the stock to strong buy from buy, citing ‘value upside’ in the firm’s ecosystem,” Imbert reports. “Thursday’s gains led the stock to break above its 200-day moving average for the first time since November.”
‘Equities were lower earlier in the day as the Federal Reserve’s latest policy announcement sparked worries about the U.S. economy,” Imbert reports. “Still, the U.S. economy is on solid ground compared to the rest of the world, said Charlie Ripley, senior investment strategist at Allianz Investment Management. He also said: ‘While the Fed continues with the wait-and-see policy stance, we think it would require a material deterioration in growth or some exogenous shock to the markets for the Fed to be completely done raising rates in the current cycle.'”
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Needham upgrades Apple to ‘strong buy,’ raises price target to $225 – March 21, 2019