Nasdaq climbs on Apple blowout
Trader Stephen Holden, center, works with other traders at the post that handles Wal-Mart on the floor of the New York Stock Exchange. (April 23, 2012) Credit: AP
The Nasdaq composite index shot 2.30 percent higher Wednesday, powered by a surge in Apple. The iPhone maker's stock climbed $49.72 after the company once again blew past Wall Street's profit forecasts.
With Apple's help, the technology-focused Nasdaq posted its best day this year.
Apple, the biggest component of the index by far, climbed 8.87 percent after reporting its earnings doubled in the first three months of 2012. Apple sold 35 million iPhones, twice as many as in the same quarter a year ago.
The surge made back about half of what Apple's stock lost in the two weeks before its earnings announcement late Tuesday. One reason for the slump was an analyst's suggestion that Apple could not keep up the momentum in iPhone sales.
Stock in Apple, the most valuable public company in the world, hit $644 in intraday trading on April 10 and slid as low as $555 on Tuesday. Apple closed at $610.00 Wednesday.
The gain helped power the Nasdaq up 68.03 points to 3,029.63. Apple makes up 12 percent of the Nasdaq.
The Standard & Poor's 500 index includes Apple; the Dow Jones industrial average doesn't. The Dow gained 89.16 points to close at 13,090.72. The S&P 500 index rose 18.72 points to 1,390.69. Apple accounts for 4 percent of the S&P 500. -- AP
'He will be ... coming out of prison in a body bag' Suffolk County Sheriff Errol Toulon Jr. spoke with NewsdayTV's Ken Buffa about what life is like for the Gilgo Beach serial killer Rex Heuermann in jail.
'He will be ... coming out of prison in a body bag' Suffolk County Sheriff Errol Toulon Jr. spoke with NewsdayTV's Ken Buffa about what life is like for the Gilgo Beach serial killer Rex Heuermann in jail.
