Apple today helped to boost the Dow Jones Industrial Average after posting stellar results. The Dow closed today up 0.57%, the S&P 500 was up 0.45%, and the Nasdaq was up 0.54%.
Stocks showed little reaction to the Federal Reserve’s policy statement. The Fed, as expected, held rates steady while offering no new guidance on its balance sheet or mentioning any economic risks that could come about from the coronavirus outbreak in China.
“The biggest thing going on is earnings and obviously the coronavirus,” said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta. “Earnings are coming in mixed to OK, but today your bellwether Apple was good,” he said. “But for the most part the underlying theme is there is all this stability out there in so many different factors – inflation is low, unemployment is low, wage growth is low and stable.”
Apple Inc gained 3.05% after the iPhone maker late Tuesday reported earnings for the holiday shopping quarter that topped analysts’ expectations, even as it braced for more disruptions in virus-hit China.
MacDailyNews Take: Obviously, this was a very good day for Apple and AAPL shareholders!