Markets rally for a second day, pushing Apple’s market cap back above $1 trillion
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Investors have gotten a long-awaited respite this week, as stocks rebounded on Tuesday and inched up higher Wednesday. And after the coronavirus crash had previously left Microsoft as the sole member of the trillion-dollar market-cap club, Apple reclaimed its status in the group.
Markets rallied for a second day in a row, with the Dow and S&P 500 closing up over 2% and 1% respectively on Wednesday. Despite a hectic last few minutes of trading on Wednesday prompted by Bernie Sanders threatening to stall the $2 trillion stimulus bill, indexes managed to stay in the green. The bill would provide payments and jobless benefits for individuals, and funds and bailouts for states and businesses.
And following a sharp selloff, Apple was rewarded with a roughly 9% pop from Monday’s close through Wednesday. Apple had traded down about 25% since the market peak on Feb. 12, due in large part to how the coronavirus has impacted the company’s supply chain and consumer demand. Amid the pandemic, people are now focused more on “their health, groceries, and hand sanitizer,” not buying iPhones, Wedbush’s Dan Ives suggested to Fortune on Wednesday.
Fellow former $1 trillion club member Alphabet is still a ways off from reclaiming its membership in the elite group—the Google parent company still needs to recover roughly 25% to rejoin the tech titans.
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