Market Rally Propels AAPL up 3% to $325

A broad market rally helped shares in Apple Inc. take back some of the ground the stock has lost in recent weeks. While the NASDAQ clawed back 2.19% (close of 2687.26, up 57.60) and the DOW gained 0.91% (close of 12,190.01, up 109.63), AAPL itself closed at $325.30, up 9.98 (+3.17%), on strong volume of 17.6 million shares trading hands.

The main movers in the market appear to be confidence that a default by Greece on its debt could be avoided, as well as the news that a slowdown in new home sales was less than had been expected. That combined to make markets that some considered oversold, including shares of Apple, prime candidates for a correction.

As indicated by the larger gain on the NASDAQ, tech stocks did particularly well on Tuesday. MSFT closed higher at $24.76, up $0.290 (+1.19%); INTC close up at $21.65, a gain of $0.325 (+1.52%); GOOG rose to $493.00, a gain of +8.42 (+1.74%); and even RIMM had a great day, ending the session at $28.55, higher by $2.66 (+10.27%) on very heavy volume of 62.8 million shares trading hands.

AAPL Chart for June 21st, 2011

AAPL Chart for June 21st, 2011
Source: Yahoo! Finance

*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.