Apple shares rose for an eighth consecutive day as U.S. stocks ended sharply higher on Thursday, extending the market’s recent rebound, as investors snapped up beaten-down chipmakers and big growth names.
Indexes in recent sessions have recovered from their lows. The Nasdaq earlier this month closed down more than 20% from its Nov. 19 record closing high and confirmed it was in a bear market.
“The bear market was the dip to buy,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, which has about $50 million in assets under management. “People finally said hey, this is a good entry point.”
“They are seeing more value in tech for the first time in a long time,” he said.
According to preliminary data, the S&P 500 gained 63.94 points, or 1.43%, to end at 4,520.18 points, while the Nasdaq Composite gained 270.44 points, or 1.94%, to 14,193.05. The Dow Jones Industrial Average rose 344.96 points, or 1.00%, to 34,703.46.
MacDailyNews Take: Apple shares remain undervalued at $174.07 and have a long way to go with the analysts’ average price target at $193.53 and a high of $215.
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