Apple stock hit a new buy point on plans to significantly boost iPhone production as the Dow Jones Industrial Average rallied more 200 points Tuesday, as Moderna coronavirus vaccine news and COVID-19 stimulus optimism propelled stocks higher.
Among the Dow Jones leaders, Apple jumped 3%, while Microsoft moved down 0.5% in today’s stock market. On Tuesday, the Dow Jones Industrial Average rallied 0.7%, while the S&P 500 was up 0.7%. The tech-heavy Nasdaq composite advanced 0.6% in midday trade after cutting gains.
FDA staff supported the emergency approval of the Moderna coronavirus vaccine in documents released Tuesday morning. An FDA advisory panel will review the Moderna coronavirus vaccine on Thursday.
Apple is breaking out above another aggressive entry at 125.49, while it holds above an early buy point at 122.09. Shares rallied 3% early Tuesday after Nikkei reported that Apple plans to make up to 96 million iPhones in the first half of 2021, a 30% year-over-year increase.
The conventional buy point, for now, is 138.08, according to MarketSmith chart analysis.
The blue-chip giant is the No. 1-performing Dow Jones stock for 2020, with a 65.9% advance through Monday.
MacDailyNews Take: With Apple’s multi-year 5G iPhone super cycle now clearly underway, the future looks exceedingly bright for the Cupertino Colossus!