[4:00 PM] Apple Stock Watch: Apple Soars With Renewed Tech Rally
by Wes George
Apple stock soared today as investors jumped back into tech stocks after Alan Greenspan's testimony before the US Senate revealed no surprises.
Mr. Greenspan had to defend Fed's policy against attacks by both liberal and conservative senators. The liberals were worried that the Fed wanted to increase unemployment and slow the economy thus disproportionately hurting the poor. The conservatives were upset that by raising interest rates the Fed might hurt the rich by lowering the "wealth effect" made possible by the stock market.
Apple gained 2 7/16 or 2.14% to close at 116 1/4 on 4.1 million shares traded.
The Nasdaq gained 168 points (3.83%) to close at 4550 with volume at 1.8 billion shares traded. Today was the biggest single day point gain ever. The Nasdaq settled about 14 points below the all time high.
The Dow lost 79 points (0.77%), to close at 10225 with volume at 979 million.
The S&P 500 gained 8.5 (0.63%) to close at 1360.
In Apple related businesses: Adobe was up 1 11/32 to close at 99 5/8. Akamai gained 9 15/16 to close at 252 1/16. ARM Holdings gained 11 dollars to close at 205. IBM lost 2 1/4 to close at 108 3/4 dollars. Shares of Earthlink gained 4 1/8 to close at 25 7/8. Macromedia gained 4 3/4 to 76 1/2. Motorola climbed 3 11/16 to close at 160 7/16.
Apple's competitors: Compaq lost a fraction to close at 25 3/16. Intel gained 2 5/16 to close at 109 1/16. Dell gained 1 9/16 to 41 3/8. Hewlett Packard gained 2 3/16 to close at 130 3/16. Shares of Microsoft gained 7/16 to close at 94 1/4 dollars.
Gateway announced that Sun Microsystems will offer its customers Gateway PCs. Gateway also plans to invest in OfficeMax to do the store-within-a-store thing. Gateway gained 10 7/16 to 67 5/8
The bellwether 30-year US Treasury bond traded down 15/32 to 101 25/32. The yield, which moves inversely to the price, rose 6.12% from Tuesday's 6.09%.
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 many of 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.
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