The Dow Jones Industrial Average briefly rallied more than 300 points Thursday and major Dow-component Apple stock advanced on Apple car buzz.
Scott Lehtonen for Investor’s Business Daily:
Among the Dow Jones leaders, Apple was up over 1%, while Microsoft fell 0.4% in today’s stock market.
Looking back at the current uptrend, November was a key month for the stock market. IBD‘s The Big Picture flagged the new uptrend following the market’s bullish follow-through day on Nov. 4. Meanwhile, the start of February has the Dow Jones Industrial Average, Nasdaq and S&P 500 finding support near key levels during the current pullback.
Among the top Dow Jones stocks, Apple rallied over 1% Thursday after reports said the iPhone maker would make an Apple car with South Korea’s Kia. A deal could come Feb. 17 with the electric vehicles launching in 2024, the report added. Initially, Apple and Kia are said to be aiming for 100,000 Apple cars a year.
Shares are again approaching their 138.89 buy point in a cup with handle.
MacDailyNews Take: Buzz, buzz, buzz, Apple Car, but the real stories near-term are The Mother of All iPhones Super Cycles, resurgent Mac and iPad sales, and the virtuous circle growth of Apple Services.
[Thanks to MacDailyNews Reader “Brawndo Drinker” for the heads up.]
Really, some talk about a car that will be introduced at least three years from now is a catalyst for Apple’s current share price? There are some things I really can’t understand about this stock market or should I say big investors’ mindset. Three years is a long, long way off. Any company can boast about its future products and absolutely nothing can come of it. I can understand Kia’s stock soaring because they’re soon going to be getting actual cash for the project.
One key factor for the stock market is the perception of a company’s future prospects. Those perceptions are rarely accurate, but a type of consensus seems to form and the stock price reacts accordingly.
Unless it threatens a hedge fund’s short position, then Wall Street will kneecap retail investors while patting their obedient SEC pet on its leash.
Not really…..
AAPL jumps 1% because of car buzz. Can I deduce then, its actual release may be cataclysmic?
(stock news that fits into the sensational box, imo)
Apple stock should have made a HUGE jump on the mind boggling stellar earnings they just reported .. Records at all levels and segments…..All in the most absurd and unfavorable climate ..
What they pulled off is utterly Mind Boggling and nothing short of magic.
It did, but before the earnings were officially released, hence the pullback. Also, reality has set in after the the huge tech rally of last year.
And it might be an unfavorable climate, but it actually favors Big Tech as more people telecommute and focus on personal devices. The only problem is if/when there’s an economic meltdown, and credit stops being so cheap.