Shares in Apple Inc. participated in a tech rally in Wednesday, rising more than 4.5% in the afternoon trading session. AAPL rose along with shares in Microsoft, Amazon, HP, and IBM all climbed higher following Tuesday's losses, which saw the DoW and the S&P 500 hit multiyear lows.
"I think it's a bear-market bounce," Dan Hogan of KeyBanc Capital told Marketwatch. "We've had a lot of oversold leads that have gotten hot, and this is a reflex off the bottom of the market."
Without a specific catalyst for the tech rally, Mr. Hogan could be on to something, but the broader markets also staged a comeback. CNBC reported that the markets were reacting positively to the release of details on the Obama administration's plans for rescuing the housing market.
Bear-market bounce or no, AAPL was trading at US$92.41, a gain of $4.04 (+4.57%), in moderate volume. Microsoft was trading at $16.361, up $0.481 (+3.03%), HP traded at $28.99, a gain of $0.82 (+2.91%), and IBM traded at $91.00, up $3.23 (+3.68%).
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.