The Nasdaq Composite hit a record high on Wednesday, with high-growth technology stocks in the lead after much-weaker-than-expected private payrolls data raised hopes for an extended support from the U.S. Federal Reserve. Apple hit a new all-time intraday high of $154.98.
Technology stocks, which tend to benefit from a low-rate environment, were up 0.7%, while sectors considered as bond-proxies such as utilities rose 1.2%.
Apple jumped 1.9% to hit record highs, while Microsoft, Google, Amazon and Netflix gained 1%.
The ADP report, published ahead of the government’s more comprehensive employment report on Friday, showed U.S. private employers hired far fewer workers than expected in August.
“If we see employment slowing on Friday, the Fed is most likely to not hint at any tapering until jobs are back on track,” said Sam Stovall, chief investment strategist at CFRA.
U.S. Federal Reserve Chair Jerome Powell has suggested that an improving labor market will be a key factor affecting the decision for a tapering of its massive asset purchases.
MacDailyNews Take: Apple’s market value currently stands at $2.556 trillion.
Bad news: Blame BIden
Good news: Credit anyone else but him.
So true.
As if you and your ilk didn’t do that with President Trump times 1,000,000.
Anyway, Biden DOES deserve “credit” for this. A huge miss on employment due to Biden handouts leads the market to hope for more artificial propping up by the Fed. which benefits Wall St. (until the Fed sham is finally realized and printing even more money loses its effect).
https://twitter.com/RockyJonesRIP1/status/1432527626179158017
Replace “Trump” for “Biden” and it would look like the preceding 5 yrs.
The material difference: Trump’s border, ME and China policies, employment #’s were all positive in reality and especially in comparison to President Drift’s. As well, Drift deserves the criticism. If he would have been an authentic candidate that was willing/able to campaign (outside of his basement), people would have been more likely to learn what he believed.
But, the press’ and follower’s embraced ignorance and potential idiocy, to support their hatred of Trump. It goes to show that “whatever it takes” to achieve one’s goals can be unproductive as best and deadly at worst.
Way to go Apple. Always nice to enjoy reaping such great financial rewards while watching predictions of carnage unfold so accurately. Tweedle Dees and Tweedle Dumbs, what a circus. Pass the popcorn.