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Apple has once again closed down today as the Internet sector also took a pounding. Apple closed at 45 7/16, down 1 point or 2.15%. Volume was very low today with only 1,401,000 shares trading hands.
While fears about an imminent increase in the interest rate from the Fed subsided somewhat today due to comments made by Fed Vice Chairwoman Alice Rivlin, as well as a lack of any indication of a rise from Fed Chairman Alan Greenspan in an appearance at Congress, other worries helped drag down the Nasdaq. According to a report from AP:
Internet stocks are hurting because of their high valuations, which makes them more vulnerable should the Fed increase interest rates, he said. Further, eBay's technical problems and concerns about AOL's subscriber growth have a domino effect on the entire sector.
Most of Apple's PC competitors also fared poorly. Hewlett-Packard, Gateway 2000, Dell, and Compaq all closed down today while IBM saw a small gain.
The Dow was up while the Nasdaq closed down. The Dow closed at 10563.33, up 72.82. The Nasdaq closed at 2398.29, down 49.59.
Check out the Apple Stock Watch Special Report for more news on Apple's stock performance.
The Mac Observer Spin: Apple has been sliding now for the last few trading sessions. Most of this falling price has little to do with Apple, and a lot to do with a generally volatile market. With MacWorld approaching, it can be hoped that Wall Street will once again catch Apple Fever. Also, the Fed is holding a meeting on June 29th, part of what has had traders stressed out for the last week or so. After that meeting is over, providing there is in fact no move to slow the economy down, it can be hoped that Wall Street will calm down and go back to the business of raising Apple's stock to a reasonable level.
Apple
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