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Apple helps power Wall Street in bear market rally

Tuesday June 21, 2022. 07:40 PM , from Mac Daily News
Wall Street’s major indexes climbed on Tuesday as investors scooped up shares of Apple, other tech names, and energy companies that were beaten down in a rout last week on worries over rampant U.S inflation and a looming recession.

Reuters:

All the 11 major S&P sectors advanced in the short-term rebound. The S&P 500 and the Nasdaq are still in bear market, with the benchmark index down 21.6% from its record closing high on Jan. 3.
“We are still viewing this as a rally in a bear market. Right now this is just another one-day wonder and investors have seen this movie before,” said Ken Mahoney, chief executive officer of Mahoney Asset Management.
Energy was the top gainer, up 4.3%, after losing more than 17% last week. Apple Inc and Tesla Inc jumped 3.8% and 10.8%, respectively, boosting the S&P 500 and tech-heavy Nasdaq.
The S&P 500 index had in the previous session posted its biggest weekly percentage drop since March 2020 as investors feared aggressive steps by global central banks to fight inflation would slow economic growth.
Markets have priced in further rate hikes in July and September amid growing doubts if the U.S. central bank can engineer a soft landing for the economy and avoid a recession.

MacDailyNews Take: At the end of April, Apple’s board of directors authorized an increase of $90 billion to the existing share repurchase program.
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The post Apple helps power Wall Street in bear market rally appeared first on MacDailyNews.
https://macdailynews.com/2022/06/21/apple-helps-power-wall-street-in-bear-market-rally/
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