Wall Street closes higher as Apple, tech rally squashes virus fears

Apple and other tech stocks again rode to Wall Street’s rescue on Friday, lifting the main indexes more than 1%. Investors started buying beaten-down shares after the Nasdaq entered corrective territory last week and the S&P 500 briefly broke that barrier earlier this week.

stock chartBoth the Dow and S&P 500 posted their fourth straight weekly declines, the longest weekly losing streak since August 2019. The tech-heavy Nasdaq, however, closed higher for the week after falling the previous three.

Herbert Lash for Reuters:

Investors are looking at the long term and believe technology remains the investment of choice, said Edward Moya, senior market analyst at OANDA in New York.

“It’s dip buying,” Moya said. “When you look at the correction that we’ve seen in these tech giants, people are still going to want to hold U.S. equities. The reality is that 2021 is going to be a much higher stock market and you’re probably going to see tech still lead the way.”

Shares of tech mega-caps Apple Inc, Microsoft Corp, and Amazon.com Inc led the way, followed by Facebook Inc and Nvidia Corp, rising at least 2.2%.

Unofficially, the Dow Jones Industrial Average rose 360.42 points, or 1.34%, to 27,175.86, the S&P 500 gained 51.92 points, or 1.60%, to 3,298.51 and the Nasdaq Composite added 241.30 points, or 2.26%, to 10,913.56.

MacDailyNews Take: It’s alwaYs nice to see Apple’s share price solidly in the green heading into the weekend.

Beloved intern, do your duty! Prost, everyone!

7 Comments

    1. “Markets Rise As Trump’s Chances Plummet” is a more apt headline, as markets crave the stability of the USA getting a leader who is not mentally unhinged and only motivated to use his position to quash investigations into his criminal activities, keep out of jail, and to hold off his creditors, even if it means the loss of American democracy, stability, and lives.

  1. unfortunately thats not how it works.

    The ultra rich will just move their money to safer markets. Switzerland, Singapore, Monaco, Belgium, New Zealand and hongKong have ZERO capital gains tax. Even CCP china (home of slave labor, forced organ harvesting of ethic minorities, and theft of IP) has a low capital gains tax of 20%. Biden has promised to move capital gains upwards to 40%. Do the math. The exodus of money from the USA will be staggering.

    So what your ill informed policy will do is create less capital, less investments and less resources for USA citizens and small businesses as the “rich” money move to other countries. Rich money will move to safer spaces (a concept you might understand) often to markets that are less friendly to progressive ideas. Dumb Tax policy discourage smart investments.

    … Biden doubling the capital gains tax will kill the market. Even if it just “targets” the rich it will kill the market. If the ultra rich have a lion share of market investments so its obvious that when they move to protect that booty it will be a lion share of capital leaving.

    In addition, the Biden administration promises to increase regulations and corporate taxes and a bunch of other crazy shit… again most every smart company will be forced to downside USA exposure and move future investments outside the USA to friendly markets. It’s a global economy; CCP China has low taxes, low (sometimes none) regulations, massive government subsidies and vast pools of slave labor camps. How can a USA company compete ?

    https://www.usnews.com/news/world/articles/2020-09-25/australian-think-tank-finds-380-detention-camps-in-xinjiang

    detention camps = labor camps

    So basically your low resolution thinking and self defeating policy will hurt the very people you say you care about. But tell the truth you dont love the poor you just hate the rich. And if putting the hurt on the rich means hurting the poor; promoting slavery, mass genocide and global marxist domination then that’s a small price to pay in your insane quest to upstage the bad orange man.

    Come on. Man!

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