| Apple picked up where it left off on Monday as the stock rose, erasing most of the losses suffered yesterday. Apple closed at 48 7/16, a gain of 3/4 or 1.57%. Volume was moderate with 3,137,500 shares trading hands.
Most of Apple's PC brethren also gained with IBM, Hewlett-Packard, and Dell gaining while Gateway 2000 and Compaq both slipped into negative territory. Good news abound in the PC sector with chip news good and positive statements being issued by several companies including Dell and Sun.
Some of the euphoric good feelings came as good news from chip sector swept the markets. For the past several months it has been worries about falling chip sales that have often pulled down Apple and other computer companies while today the Semiconductor Industry Associates projected 12% growth in chip sales. According to CBS Marketwatch:
"The SIA clearly has underestimated the growth in the semiconductor industry this year and the dynamics are turning very favorable toward the chip manufacturers right now," Richard Faust, vice president at Adams, Harkness & Hill told CBS MarketWatch.
Traders were so ecstatic about this that they forgot about the troubles of yesterday and pushed the tech-heavy Nasdaq up over 45 points.
The Mac Observer Spin: Fickle traders. Just yesterday, everyone was worried about a Donaldson Lufkin & Jenrette report predicting woe for several PC companies in the 4th quarter of this year. As we thought, those troubling stories became yesterday's forgotten nightmare as new good news swept the bad far away. Fickle traders.
The good news is that Apple is on the move again. Hopefully our favorite stock will continue its upward climb tomorrow.
Check out the Apple Stock Watch Special Report for other stories on Apple's finances.
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