October 22nd, 1999
The Rally that started late yesterday just kept on going today as traders got past the IBM Y2K scare that spooked the market down on Thursday morning. Some on Wall Street speculate that much of today's broad rally was due to short covering as the bears move out of the way of possible further advances next week. Others are just happy to see this harrowing week over with. The Dow advanced 172.56 or 1.68% to close at 10470.25. The Nasdaq was up 14.88 or 0.53% to close at 2816.83. The S&P 500 almost broke out above an important technical level today up 18.17 or 1.41% to close at 1301.78. The Dow, the Nasdaq and the S&P 500 advanced about 4% this week. The Nasdaq is now just a few days away from a new all time high. However, in the last few minutes of trading a rumor about Cisco possibly missing earnings cut the Nasdaq's gains substantially. Apple was down US$2.19 or 2.87% today to close at US$73.94 on some profit taking after what was a very volatile week for AAPL. Moreover, some Apple investors may not be encouraged by Jonathan Rubinstein's (Apple's senior vice president for hardware) decision to file with the SEC to liquidate 66,667 of his Apple shares after November. In Apple related stocks today Adobe, Macromedia and Symantec were all up. So were Apple's Power PC partners IBM and Motorola. Apple's rivals Gateway, Dell, Hewlett-Packard, and Intel also posted pleasant gains. Microsoft and Compaq closed lower. Advance Decline line was positive for the first time this week . But the new 52-week lows and highs were, as usual, negative. 30-year Treasury bond traded flat while the yield drop to 6.35% from 6.36% yesterday. Inflation watching and fear of a Fed interest rate increase will continue to be the soup du jour again next week. The important Employment Cost Index (ECI) will be announced next Thursday, it's a measure of wage pressures on the economy. 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.
[3:45 PM] Apple Stock Watch: Stock Market in Rally Mode, Apple lags down $2.19
by Wes George