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Apple has closed up again for the 6th straight trading session, putting the stock very close to the US$49 range. Apple closed at 48 15/16, up 13/16 or 1.69%. Trading volume was moderate with 3,734,700 shares trading hands.
This came as the entire market saw an upswing with the Dow closing at 10909.38, up 109.54 and the tech-heavy Nasdaq closing at 2524.21, up 45.87. Apple's PC competitors also saw increases with Dell, Compaq, Gateway 2000, IBM, and Hewlett-Packard all closing in positive territory. This is in contrast to repeated losses for most of the major PC manufacturers during the last several trading sessions.
Some of these increases can be traced to an announcement between Acer and IBM where the Taiwanese company will be buying US$8 Billion worth of components from IBM over the next seven years. The market reacted well to this news and lifted up other tech stocks along with IBM.
The Mac Observer Spin: Today's Apple Trader Column titled "Is Apple Wall Streets' New Darling?" may well be on the mark. Apple has edged up for the last six sessions edging closer to the elusive US$50 mark. Buoyed by a wave of analyst mania, the stock could do what it threatened to do in April, close over the US$50 mark. The Apple Trader says that if that happens, the stock will cease having the US$50 mark be a glass ceiling as Wall Street investors begin supporting the stock instead of fighting it. We could be seeing that happen even now.
Check out the Apple Stock Watch Special Report for more stories on Apple's stock performance.
Apple
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