Apple stock gained on “Apple Car” news, but the market was lower near midday Tuesday, with the Dow Jones Industrial Average down nearly 150 points despite a COVID-19 stimulus relief bill expected to be signed into law by President Trump today.
The Dow Jones industrials lost 0.4%, the S&P 500 fell 0.2% and the Nasdaq edged up 0.1% in the stock market today. Small caps tracked by the Russell 2000 outperformed with a 0.4% gain. Volume was mixed, lower on the NYSE and higher on the Nasdaq vs. the same time Monday.
Congress approved a $900 billion stimulus deal late Monday. President Donald Trump is expected to sign the legislation quickly.
Tech stocks have boosted the Nasdaq to a 42% gain this year, while the S&P 500 was up 14% through Monday’s close. The Dow is up 6%, and the Russell 2000 has advanced 18%.
Apple led the Dow Jones index with a 2.2% gain, after trimming an early 5% move. It rose 1.2% late Monday, after Reuters reported the iPhone maker plans to produce its own electric vehicles by 2024. Apple is an IBD Leaderboard stock.
Apple stock cleared an early aggressive entry of 122.09 on Dec. 1. Shares are extended from that entry and are about 5% above a higher aggressive entry at 125.49. They’re about 4% away from a conventional buy point of 138.08.
MacDailyNews Take: A nice day so far for Apple investors.