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.
|'Saturday Night Live' writer suspended over 'insensitive' Barron Trump tweet|
|'Star Wars: Episode VIII' official title revealed|
|Trump names Ajit Pai as new FCC chairman|
|Trump resigned from business before taking office, docs say|
|President Trump didn't go after China on Day One|