Apple shares jumped 3.1% to an all-time high as the S&P 500 and Nasdaq moved to fresh record highs on Monday, led by technology stocks, as investors responded positively to the Federal Reserve’s dovish comments on tapering in monetary stimulus and what that might mean for the economic recovery.
Shashank Nayar and David French and Reuters:
Microsoft Corp, Amazon.com, Google-owner Alphabet Inc rose between 0.9% and 2.5%, helping the tech-heavy Nasdaq outperform the S&P 500 and the Dow.
High-growth tech stocks tend to benefit from expectations of lower rates because their value rests heavily on future earnings.
Fed Chair Jerome Powell said on Friday the central bank would continue to be cautious in its approach to tapering its massive pandemic-era stimulus… “The market was wholly prepared for a taper timeline last week and the Fed not really commenting has helped give markets an added push on hopes that easy policies will help offset some risks around rising infection cases,” said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. “Although, if the Fed continues to be so dovish in its policy meetings going ahead, markets might think that there are some problems brewing in the economic recovery process.”
The S&P 500 posted 74 new 52-week highs and no new lows; the Nasdaq Composite recorded 137 new highs and 27 new lows.
MacDailyNews Take: With Apple shares hitting a new record ($153.49), the company is currently valued at $2.53 trillion and counting.
For Firsty and Hal
The dunces are busy looking for bad news today. You’ll never get them to admit that the POTUS doesn’t have dominating influence on the global (or local) economy, and neither does Apple.
Yet they feel the need to be whining victims every chance they get. They can’t be bothered looking at long term trends or market forces or objective measures. That is too much work. They have so much fun demonizing two individuals on the planet with lame copy/paste propaganda. It’s not clear why Putin’s puppets want to pretend that Biden and Cook are responsible for everything that ever happens that the dickwads here don’t like, and only an painted orange lyin’ New Yorker could ever fix everything. Well he might have if he wasn’t so busy golfing and tweeting.
Today they scream: But unemployment!
They ignore the fact that anyone who wants one can get a job and wages are rising, unlike the last 40+ years of real wage decline. Vaccinated populations are getting back to work and companies are going great. Stick that in your pipe & smoke it, first hal and trolls.
To address the other whiner theme these days: Apple still sells the least evil electronics too, which most people around the world recognize, even if many can’t afford what Apple sells. If you think everything changed overnight, you are overreacting to a minor mistake that Apple more than any other company will learn to fix. Go find a different company if all you want to do is hate on Apple, Cook, California, and the properly elected US president Biden.