| Apple's stock rallied today to recover some of the loss incurred yesterday, though not quite all of it. Apple closed at 45 7/8 up 1 3/8 or 3.09%. This followed the trend among other computer manufacturers with Compaq, Dell, Hewlett-Packard, Gateway, and IBM all closing up (IBM the big gainer with an increase of 8 points).
The computer manufacturers followed the market in general as the Dow Jones set a new record closing at 11031.59, a gain of 84.77. The Nasdaq closed at 2503.62, a gain of 31.34.
CBS MarketWatch says that new trends are influencing the computer markets. According to CBS MArketWatch:
Sue Billat at BancBoston Robertson Stephens told CBS.MarketWatch.com she sees a "tug-of-war between conventional wisdom and the very strong new trends, new drivers for capital equipment."
"The conventional wisdom says that unless PCs are red-hot and DRAM [dynamic RAM] prices are marvelous, there's no hope for capital equipment," Billat said. "We've got new drivers and new trends now. On the PC and DRAM side, the DRAM guys are making money."
On the strength of these thoughts and the general upward move in the market, Apple and the other computer companies all did well today.
The Mac Observer Spin: Next week is the WWDC and Apple's stock should continue to rise. Despite recent targets for Apple's stock to hit the US$65-US$70 range, US$50 seems to be the glass ceiling for the time being.
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