Apple profits push stock up, on a rainy day
It was another rainy day on the North American stock markets today, with triple digit losses. Somebody screamed ‘FIRE’, on increasing concerns about the mortgage and corporate lending markets in the United States. Anxiety built up after the U.S. Commerce Department reported sales of new homes down 6.6 percent last month. Eventually we had investors running all over the place for exits. It was a wild see-saw ride on Toronto’s S&P/TSX composite index. The index lost as much as 400 points before closing down 260.72 points, or 1.85 percent. In New York, the Dow Jones industrial average fell 2.26 percent.
Amidst the rainy day, Apple Inc’s investors had one luxurious umbrella, as the company’s stock shined the brightest today. Apple reported third-quarter profit rose 73 percent, much higher than analysts predicted. Apple shares leaped $8.29, or 6 percent, to $145.55 in extended trading after the report. Apple’s success was due to its latest and innovative technology products - its well-renowned iPod, its new iPhone, and its Macintosh computers. Shares of Apple have jumped a whopping 62 percent this year when CEO Steve Jobs unveiled the iPhone.
Related Articles