Not too long ago, analysts were predicting that Apple's stock would top $1,000. Now that Apple's stock has dropped more than 30% since last September, $500 is Apple's new proving ground.
Apple's stock dipped below $500 on Tuesday on concerns that demand for the iPhone 5 might be less than expected. But Apple's stock once again crossed the $500 barrier on Wednesday, soaring by nearly 4.5%.
There was no news from Apple to explain the rally. But one key stock watcher, Tom Demark of technical research firm Market Studies, called a bottom on the stock late Tuesday. Traders on StockTwits apparently were listening carefully.
The founder of StockTwits, Howard Lindzon, found his own rationale for a bottom.
You'd think that Apple's rally would be good for the broader stock market as well, right? But that wasn't the case Wednesday. The Nasdaq was up much more than the S&P 500. And the Dow was being dragged down by Boeing (BA).
But that's just one day. For the longer haul, the entire market would probably benefit from a turnaround in Apple.
|Roger Ailes is out at Fox News -- now come the aftershocks|
|George Harrison estate offended that RNC used his music|
|Jeff Bezos passes Warren Buffett to become third richest person in the world|
|Ailes, Trump have been counseling each other over the past week|
|Apple Watch sales are down 55%|