Apple jumps, tech stocks extend Wall Street rally on stimulus hopes

Wall Street’s major indexes rose for a fourth straight session on Monday, boosted by tech stocks and optimism that Washington would reach a deal over more fiscal stimulus due to COVID-19 economic disruptions, with investors also gearing up for the third-quarter corporate earnings season.

Apple shares offered major support for the three main stock indexes with a 4.8% surge ahead of the company’s “Hi, Speed” special event on Tuesday, where new iPhones with 5G capabilities are expected.

Image: Apple logoReuters:

Amazon.com Inc climbed 3.5% ahead of its annual Prime Day shopping event on Oct. 13 and 14.

The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.

Overall, analysts expect third-quarter earnings for S&P 500 companies to have fallen 20.7% from a year earlier, smaller than a 30.6% slump in the second quarter.

At 10:49 a.m. ET, the Dow Jones Industrial Average was up 181.99 points, or 0.64%, at 28,768.89, the S&P 500 was up 35.66 points, or 1.03%, at 3,512.79, and the Nasdaq Composite was up 181.30 points, or 1.57%, at 11,761.24.

MacDailyNews Take: Apple’s looming “Hi, Speed” special event and Amazon’s Prime Day certainly don’t hurt AAPL and tech stocks!

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

9 Comments

  1. “Apple jumps, tech stocks extend Wall Street rally on [Socialist] stimulus hopes.”

    No one can intellectually deny it. But this is couched in euphoniums as in the article’s headline or in hushed snickers in investor circles in order to keep the fantasy from busting and forcing everyone to have to confront this factual reality that outward Capitalists are secretly adhering and supporting the hybrid model: Capialist-Socialism. I would be comfortable if they simply came right out and admitted it unambiguously on media. But they are understandably afraid because the fantasy further states that Capitalism is Democracy and that anything different is subversion. Anyone that denies it would get devotees of the likes of Hannidy, Limbaugh, Savage, Ingraham, and Levin, and especially the very nasty Praeger to attack them as destroyers of Democracy, nearly Communists.

    1. Sorry John Dingler but you need to stick to your specialty. Capitalism is = to democracy because buyers get to voluntarily vote with their wallets in a two-way exchange where both sides hope to benefit. The problem is globalist capitalism wherein the predatory power lust becomes all-consuming for the masters. Our international capitalists have no longer any loyalty to the USA, the country that made them great. The legal system should not have allowed them to create a corporate entity that would betray the citizens who enabled their gargantuan riches and their eventually gargantuan appetites for power.

      Early USA capitalists could be held accountable and sued, then punished. They were individuals not mega-corporations. As it was, and should always be…….

      1. It not new John. It just happens to be that this time around, the Virus stressed the system profoundly…because it’s a WW challenge and the US is the banker/lender.

        What’s valuable to realize is the socialist measures have been in action for decades and they’ve steadily increased to this day. The State is very poor with managing resources/assets. As a result, with all the State’s “provisions” and its inability to control their growth and the coinciding expenditures…money is created/devalued and more money is creation is needed to cover the bills.

        It’s your favorite; MMT. Prime test to see if it’s sustainable.

        1. Yes, it’s sustainable; Unlimited Pentagon spending, World Wars, Marshall Plan, gifts to dictators, secret budgets, and Wall St. bailouts proves it. Besides, money produced via ledger entry is not inflationary when there is no shortage of products and services.

          1. More ledger money going to a wealthy corporation: “WTO’s appellate body found that Boeing had received at least $5 billion in [Socialist] subsidies [from the US Gov.] that were prohibited under international trade rules.” And the source of that huge money gift? From that ledger entry at the Federal Reserve Bank. So, just as a corporation can receive that stimulus, so could individuals, right? Individuals can then spend that money on their favored products and services, thus stimulating the companies that offer them. It would be Apple in my case and perhaps a new carbon bicycle. It’s like voting rather than a corporate imposition.

  2. Why dose the media keep saying the market is up because of stimulus hopes. What new info are they talking about ? This is fake news. Both parties are unwilling to budge.

    Apple’s stock price is up because the new iPhone 12 is about to be released not because Mitch and Nancy have suddenly found common ground.

    1. Mitch and TRUMP haven’t even found common ground. LOL If anyone needs to budge, it’s Mitch and it looks like, for his LAST GASP at Senate leadership, with everyday folk’s livelihood on the line, he’s found something that has the appearance of a backbone. Mitch has said he’s not bringing the stimulus up for a vote and, unlike flip/flop in chief, you can count on what he says.

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