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Apple's stock fell again today as the Tech sector fared poorly. Apple opened up in positive territory but quickly fell and never recovered. The rest of the Market performed well throughout much of the morning buoyed by a merger announcement between Dow and United Carbide, but even that news was eventually drowned out by inflationary worries and other concerns.
Apple closed at 53 13/16, a loss of 1 7/16 or 2.60%. Volume was moderate with 3,314,100 shares trading hands.
Apple's major PC competitors also fared poorly with IBM, Dell, Compaq, and Gateway 2000 all closing down. Hewlett-Packard managed to buck the trend and closed higher.
The Dow and the Nasdaq both closed lower with the Dow closed at 10674.77, a loss of 2.54 while the Nasdaq closed at 2540.00, down 47.99.
The Mac Observer Spin: The interesting thing is that 50 seems to be holding as a support level for Apple. Since closing above 50, the stock has not fallen below that level. As The Apple Trader predicted, the market is trending toward keeping Apple above the 50 level instead of treating that number as a glass ceiling.
Of course, tomorrow's trading could prove all this wrong, but so far, Apple is looking strong in Wall Street's eyes.
Apple
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