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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apple Inc | NASDAQ:AAPL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
14.35 | 8.48% | 183.65 | 183.67 | 183.68 | 173.415 | 170.90 | 172.51 | 95,223,828 | 00:45:56 |
By Anora Mahmudova and Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose Wednesday, bouncing back from morning losses, as Apple Inc. and other tech stocks helped lead the way higher.
Traders said while there was no single explanation for the turnaround, the market got a lift from Apple's 3.1% jump and a new poll showing a majority of Scots favor remaining in the U.K. Investors have worried about Scotland potentially becoming independent after a poll over the weekend put those favoring independence ahead for the first time.
The S&P 500 (SPX) rose 7.25 points, or 0.4%, to close at 1,995.69, while the Dow Jones Industrial Average (DJI) added 54.84 points, or 0.3%, to 17,068.71. Both indexes snapped two-day skids, but remain down for the week.
The Nasdaq Composite (RIXF) gained 34.24 points, or 0.8%, to finish at 4,586.52. The tech-heavy index is up 0.1% for the week.
The Apple effect: Wall Street was upbeat on Apple following Tuesday's unveiling of the iPhone 6, iPhone 6 Plus, Apple Watch and a mobile payment system. Analysts deployed words like "magical" and "impressive" in their reports.
"That certainly helped the techs," said Stephen J. Carl, head equity trader at the Williams Capital Group, referring to Apple's advance on Wednesday. The iPhone maker was one of the S&P 500's best performers for the session, and the IT sector fared best among the 10 S&P sectors.
Some stocks were shunned because of Apple's moves. GT Advanced Technologies Inc. (GTAT) shares slid 14.5% after Apple said it won't move toward broad use of sapphire screens, which GT provides. In addition, eBay Inc. (EBAY) shares fell 3.1% as analysts suggested its PayPal business will face greater competition thanks to Apple Pay.
On the earnings front, Land's End Inc. (LE) shares rallied 20.6% after the clothing retailer posted better-than-expected quarterly results, while Krispy Kreme Doughnuts (KKD) skidded 3.1% after the doughnut chain's adjusted profit missed forecasts. For more on today's movers, read our Movers & Shakers column.
Fed jitters persist: The yield on the 10-year Treasurys gained, rising for the fifth consecutive session. Quincy Krosby, market strategist at Prudential Financial, said that in the absence of economic data, investors are remaining cautious until the next meeting of the Federal Open Market Committee.
"Markets are sensitive to the end of QE and will be nervous until the crucial FOMC meeting and press conference next week. It is not unusual to see weakness after big gains last month," Krosby said.
Other markets: European markets closed mostly lower. Asian markets finished lower, with the exception of a small rise for the Nikkei . Gold prices(GCZ4) ticked up, while oil prices fell.
Barbara Kollmeyer contributed to this report.
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