Apple (AAPL) had its best single-day performance at the stock market today, seeing a 7.04% rise, the highest in one day since April 2014. The Dow Jones rose over 1,000 points, as the entire market — particularly FAANG stocks — rebounded after a tumultuous few bearish days.
Tesla (TSLA) also saw significant gains today, rising to over $300 a share after losing 21% of its value over the previous weeks.
Apple is currently sitting at around $157 per share, about $10 higher than its $146.83 closing price from December 24, the last active trading day. Though most of the market has had a tough end-of-year, the gains today resulted in the Dow increasing to 22,878 points, a big up from the 21,792 points it closed with on the 24th.
Alphabet (GOOGL) also finished strongly today at $1,039.46, gaining about $63 from the 24th’s abysmal $976.22 closing.
As for Apple, its stock hit $168.49 earlier this month, resulting in it being valued less than what it was a year prior.
An excerpt from Fortune describes the current dilemma surrounding FAANG stocks.
Tech investors resumed their selloff of the large-cap FAANG stocks, with the five tech giants all sustaining declines of 20% or more, enough to push them into bear-market territory.
Alphabet’s stock closed Monday at $1,020 a share, marking a 20% decline from its record high of $1,273.84 a share in late July. Apple’s stock is down 20.3% from its Oct. 3 high, while Amazon has lost 26.3% of its value since early September. Netflix has slid 36.1% since reaching a peak in late June, while Facebook’s stock has dropped 38.8% since late July […]
Last month, disappointing forecasts from Apple, Amazon, and Facebook spurred a selloff that is continuing this week. Apple fell 4% Monday after the Wall Street Journal reported that the company cut orders to suppliers for the three iPhone models introduced in September.
While the stock still has a good bit to recover, the good news should be well embraced, as we’ve been reporting on flailing prices as early as Thanksgiving.
- AAPL officially enters bear market, stock down >20% since last month
- AAPL stock now down on the year after closing at $168.49
- AAPL worst hit in yesterday’s tech stock dive; suppliers also down
- AAPL lost its trillion dollar company status this morning as stock opened 6% down [U]