|Apple's stock performed well today in a somewhat mixed market. Tech stocks advanced across the board as several Internet stocks received favorable comments. According to a Reuters report:
Technology stocks were up after several analysts changed ratings on leading Internet companies and on hopes that a rise in international computer memory-chip prices indicated a higher demand for personal computers.
Dell Computer announced the planned acquisition of a privately held storage company called ConvergeNet, a moved that also helped lead tech stocks up.
The overall mood helped Apple to retakes some of yesterday's losses as the stock closed at 75 9/16, a gain of 1 1/16 or 1.43%. Volume was moderately heavy with 4,765,200 shares trading hands.
Apple's PC competitors also performed well with IBM, Intel, Microsoft, Dell, Compaq, Gateway 2000, and Hewlett-Packard all closing higher.
The Dow and the Nasdaq also closed higher with the Dow closing at 11079.40, a gain of 43.06, and the Nasdaq closing at 2852.04, up 43.30.
For other reports on Apple's stock performance, check out our Apple Stock Watch Special Report.
The Mac Observer Spin: Employment numbers for last week showed another decrease in the unemployment figures. According to Reuters:
In economic news, The U.S. Labor Department reported 286,000 initial jobless claims for the week ending Sept. 4, compared with the 294,000 expected by economists polled by Reuters.
This number did not seem to effect the tech sector, but there is also another report coming out tomorrow that could effect the markets. The Producer Price Index (PPI) will be issued tomorrow. Coupled with the tighter employment figures, a PPI report that is indicative of any inflationary pressures could send stocks reeling. Apple too is often subject to inflationary data.