Dow Jones extends steep weekly losses while Nasdaq proves resurgent; Apple leads blue chips

The Dow Jones Industrial Average traded moderately lower in today’s market as investors digested the Fed’s decision to raise interest rates sooner than expected. Meanwhile, the Nasdaq composite traded higher. Shares of Apple are up 1.4% to lead blue chip stocks.

Why Apple stock is struggling

Rachel Fox for Investor’s Business Daily:

Stocks were rocked Wednesday after the Federal Reserve said it sees interest rates rising sooner than previously expected. Fed officials now plan to lift the benchmark rate from near zero to 0.6% by the end of 2023.

Technology giants also led the upside in Dow Jones stocks on Thursday. Shares of Apple and Microsoft were up 1.4% each. Microsoft, a Leaderboard stock, is currently trying to reach a new buy point of 263.29. Meanwhile, shares of Apple remain 4% away from a 137.17 buy point. The stock also just reclaimed its 50-day line, a bullish sign.

MacDailyNews Take: Apple shares are always at a buy point. Own it, don’t trade it.

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