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.]