Jubilation in the wake of a resolution to the U.S.'s fiscal cliff problem sent stocks soaring on Wednesday. Stock rose in a broad rally, and shares of Apple Inc. ended the day with a gain of 3.17 percent. $AAPL closed at US$549.03, up $16.857.
On News Year's Eve and New Year's Day, the White House, the Senate, and the House of Representatives signed off on a deal to avert budget sequestration, an automatic process that would have included across the board cuts coupled with across the board tax increases.
Concern about Washington's ability to come up with a solution to this issue had weighed on Wall Street for months. Much of Wednesday's rally was merely a correction to the depressive effect the uncertainty had on the markets.
Tech stocks had a particularly fine day. Shares of HP ($HPQ) closed at $15.02, up $0.77 (+5.40 percent); Facebook (FB) closed at $28.00, up $1.38 (+5.19 percent); Google (GOOG) closed at $723.25 +$15.87 (+2.24 percent); Intel (INTC) closed at $21.38, up $0.76 (+3.69 percent); and Microsoft (MSFT) closed at $27.62 +$0.91 (+3.41 percent).
All three major indices also finished in positive territory. The DOW closed at 13412.55, a gain of 308.41 (+2.35 percent); the NASDAQ closed at 3112.26, a gain of 92.75 (+3.07 percent); and the S&P 500 closed at 1462.42, a gain of 36.23 (+2.54 percent).
All told, $AAPL has gained $39.441 in the last two days of trading (the markets were closed on January 1st), a 7.7 percent gain. The stock is still well off its all-time closing high of $702.10 set on September 19th, 2012.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.