|[4:15 PM] Apple Stock Watch: Market Rallies And Apple Rises More Than 7%
The market took off today in a movement analysts describe as "window dressing." Portfolio managers looking to spruce up their portfolios at the end of the 3rd quarter, ahead of their prospectus releases, often make moves designed to make their portfolios more stable in appearance, thus the term "window dressing."
Fortunately for Apple investors, Apple saw a big rise during today's trading as the stock closed at 63 5/16, an increase of 4 1/4 or 7.20%. Volume continues to be heavy with 8,107,900 shares trading hands.
Though computer stocks were mixed, Apple was not alone in sharing in today's rally. Macromedia, Symantec, and Adobe all closed higher, though PowerPC partner Motorola closed lower. Apple's other PowerPC partner, IBM, closed higher.
On the Dark Side, Dell and Intel managed slight losses, while Microsoft, Dell, Gateway 2000, Compaq, and Hewlett-Packard all closed higher.
The Dow and the Nasdaq closed higher today with the Dow closing at 10336.95, a nice gain of 123.47, while the Nasdaq closed at 2746.16, a smaller gain of 15.89.
For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. We also have these same quotes reported live (20 minute delay) on our home page. For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.
The Mac Observer Spin: Had Apple closed lower, which they did not, this may have been worrisome. Obviously a needless worry at this point, but it is reassuring to see Apple post a large gains after the bludgeoning the company has taken during the last 10 days.