AAPL Rally Brings Stock Back to $348

An ongoing rally has brought Apple’s stock back above the US$348 per share mark, $10 above the $338 dip the stock hit on February 22nd. While still $15 off the record closing high of $363.13 set on February 16th, the stock has seemingly shown that $338 is indeed a support level.

AAPL Chart

Source: Yahoo! Finance

On Friday, the stock closed at $348.16, up $5.28 (+1.54%), on light volume of 13.5 million shares trading hands. The gains occurred amidst a broad rally, with all three major U.S. indices ending the day higher.

The DOW ended the day at 12130.45, up 61.95 (+0.51%); the NASDAQ closed at 2781.05, up 43.15 (+1.58%); while the S&P 500 closed at 1319.88, up 13.78 (+1.06%).

Tech firms enjoying gains include Dell, $15.13, up 0.080 (+0.53%); Intel, $21.86, up $0.575 (+2.70%); HP, $42.68, up 0.51 (+1.21%); and Google, $610.04, up 1.22 (+0.20%).

Microsoft was one of the day’s few losers, closing at $26.55, down 0.220 (-0.82%).

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.