Apple stock soars to new record as investors look past inflation, omicron COVID variant concerns

Apple stock soared over 2.5% on Wednesday to a new all-time intraday record as investors appeared to look past inflation and omicron COVID variant concerns.

Reuters:

Shares of mega-cap technology titans Amazon.com, Apple Inc, Tesla Inc, Google owner Alphabet Inc and Microsoft Corp, which are favored at times of uncertainty, added between 0.8% and 2.5% to provide the biggest boost to S&P 500 and the Nasdaq.
“People are just confident in the earnings predictability of tech stocks,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.
In a hearing before the House Committee on Financial Services, Federal Reserve Chair Jerome Powell reiterated his comments from Tuesday about considering the acceleration of taper at the central bank’s December meeting amid a surge in inflation and a stronger economy. Powell said the Fed’s two goals of price stability and jobs recovery are in tension and that it will use tools to make sure high inflation does not become entrenched.
Market participants were also awaiting a Fed report, known as the “Beige Book”, on current economic conditions to provide further insight into the central bank’s stance on inflation. The report is due at 2:00 p.m. ET (1900 GMT).

MacDailyNews Take: As Agatha Christie once wrote, “Good advice is always certain to be ignored, but that’s no reason not to give it.”

"Never pass up an opportunity to profit from irrational panic."
– MacDailyNews, Nov. 26, 2021 (on which date Apple closed at $156.81)https://t.co/aijFUBiCTU#COVID #Omicron #Investing #Finance #AAPL
— MacDailyNews. Visit and comment @ macdailynews.com (@MacDailyNews) November 30, 2021

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