American investors and financial analysts were in for a wild ride Thursday, with the Dow Jones plunging more than 600 points by midday but recovering by the late afternoon; ending the day up over 250 points.
“The Dow Jones Industrial Average ended the day up 258 points, or 1.1 percent. The S&P 500 closed 0.85 percent higher while the Nasdaq Composite climbed 0.4 percent. At its lows of the day, the Dow had fallen 611 points. The S&P 500 and Nasdaq fell as much as 2.8 percent and 3.3 percent, respectively,” writes CNBC.
“You went from $200 million to sell [at the close] which was less than expected. That started the early rally. Now there’s over $2 billion to buy,” said one analyst. “They thought we’re going to be huge sellers, now they’re huge buyers.”
The strong gains come just one day after the market set a historic record; soaring over 1,000 points in a single session.
Read the full report at CNBC.
HISTORIC DAY: Stocks Jump 1,084+ POINTS in Biggest ‘Single-Day Gain’ in US History
The Dow Jones average rose a shocking 1,000 points Wednesday; slashing deep losses accumulated ahead of the holiday season and posting the largest ‘single-day’ gains in American history.
“Stocks rose sharply in volatile trading on Wednesday as surges in retail and energy shares helped Wall Street regain the steep losses suffered in the previous session,” writes CNBC.
“A strong sell-off on Monday sent the major indexes down more than 2 percent and ended with the S&P 500 falling into a bear market. The S&P 500 was down 20.06 percent from an intraday record high set on Sept. 21 before Wednesday’s sharp rebound. U.S. exchanges were closed Tuesday for the Christmas holiday,” adds the article.
Read the full story at CNBC.
HISTORY: Apple Becomes First TRILLION DOLLAR COMPANY in US History
Apple Computers made history this week, becoming the first company to hit a market cap of $1 trillion in the United States.
According to CNBC, the technology giant that began in a California garage was valued over $1T as its shares hit a record high of $207; posting gains of over 3%.
“Based on a recently adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 nudged Apple over the finish line in the race to $1 trillion. Investors had previously been looking for a share price of $203.45, but the company’s hefty stock buybacks moved the threshold higher,” writes CNBC.
“I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades,” said one industry insider. “This is not the end, that they hit $1 trillion. I view this as just kind of speaking to a new stage of growth and profitability.”
Read the full report here.