Shares in Apple Inc. shook off Monday’s losses to climb back above the US$600 mark on Tuesday. The gains came amidst a broad rally sparked by lessening worries about Europe’s economy. As of this writing, AAPL was trading at $605.29, a gain of $25.16 (+4.34 percent).
The DOW was at 13,123.110, a gain of 201.70 (+1.56 percent); the NASDAQ was at 3,046.160, 57.76 (+1.93 percent); and the S&P 500 was at 1,390.890, up 21.32 (+1.56 percent).
If Apple’s stock can hold on to its gains to close in positive territory, it will end five straight days of decline after Apple hit an all-time closing high of $636.23 on April 9th.
The stock has been on a massive rally since the end of 2011, when the stock closed at $405. At today’s trading price, the stock has gained 49.5 percent in the three and a half months since.
Earlier on Monday, TMO covered the lack of consensus on iPhone unit sales for 2012. Numbers range from 26 million units on the low end to 44 million units on the high end, with the smart money in the middle of that field.
We also covered a research note from Sterne Agee analyst Shaw Wu, who told clients that if Apple releases a smaller iPad—call it an iPad mini—that it would be, “the competition’s worst nightmare.”
Apple reports its March quarterly results on April 24th.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.