||Several days of stock price drops halted today as Apple rose along with much of the market. Inflation and interest rate worries receding, as well as favorable news in the chip and hardware sectors were part of today's happy trading.
Apple closed at 46 1/16, up 5/8 or 1.38%. Volume continues to be low with only 1,156,400 shares trading hands.
Most of Apple's PC competitors also saw gains with only Compaq posting a loss. IBM, Dell, Hewlett-Packard, and Gateway 2000 all closed higher.
Both the Dow and the Nasdaq also closed up. The Dow Jones closed at 10594.99, up 31.66 and the Nasdaq closed at 2414.67, a gain of 16.36.
The Mac Observer Spin: Today's trading does not necessarily mean a reverse in the recent downturn in Apple's stock. As with most of the trading in the last few sessions, Apple's well being has had little to do with the price fluctuations of its stock. investors have been worried for some time now over what the Fed might do about recent signs of rising inflation, with a hike in the interest rate being the most worrisome. While those fears have abated somewhat, they are not gone and will likely continue to contain stock prices, including Apple's, for several days at least.