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The last several days have seen Internet stocks, or so called ".com stocks," take a beating. The result was a general slump in the Nasdaq, which is heavily dominated by tech oriented stocks, which included losses by Apple. Today, Internet stocks rebounded and Apple too posted a gain. Apple closed at 54 3/4, a gain of 15/16 or 1.74%). Volume was moderately low with 2,874,700 shares trading hands, despite trading volume on the Nasdaq that was out of this world with over a billion (1,170,522,000) shares trading hands.
Apple's PC brethren also gained with IBM (up 4 1/2), Gateway 2000, Compaq, and Hewlett-Packard all posting gains. Dell managed to post a slight loss of 3/8.
The Dow and the Nasdaq both closed up, though declines actually led advances. The Dow closed at 10793.82, up 119.05 while the Nasdaq closed at 2565.81, a gain of 25.81.
The Mac Observer Spin: Throughout the afternoon, analysts interviewed by CNBC and CNNfn kept looking with wonder on the seeming reversal of the Internet stock slump. All were hesitant to say that the bear market had found its bottom and headed into a long-term recovery, but many were positive. We mention this because many of the hardware companies often will rise and fall with Internet stocks, and this includes Apple.
Apple
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