American Giant phone maker, Apple, on Wednesday, September 15, spiked to its highest in 2016, rising for the third day in a row in contrast to the fluctuation in the stock market.
Apple (AAPL.O) jumped as much as 4.7 per cent to $113.03 and was the top percentage gainer on the S&P and the Dow on reports of strong demand and positive reviews for the new iPhones.
The firm’s performance led to a rise at Wall Street. Also, the leap in U.S. stocks extended the fluctuating trend, that started on Friday, due to contrasting comments from Federal Reserve officials on whether the central bank would raise interest rates at its Sept. 20-21 meeting. The benchmark S&P 500 index tumbled Friday, bounced on Monday before again retreating on Tuesday.
Senior portfolio manager at the Private Client Reserve at U.S. Bank in New York,Eric Wiegand, said: “With a seasonal backdrop, high valuations and concerns over disparate monetary policies by central banks, it will likely remain a choppy environment.”
At 12:21 a.m. ET the Dow Jones Industrial Average .DJI was up 68 points, or 0.38 per cent, at 18,134.75. The S&P 500 index .SPX was up 9.12 points, or 0.43 per cent, at 2,136.14. The Nasdaq Composite .IXIC was up 42.55 points, or 0.83 per cent, at 5,197.81.
The CBOE Market Volatility index .VIX, dubbed Wall Street’s fear gauge, had spiked and dropped with the stock market’s gyrations, resembling moves last seen around the Brexit vote in June. The index was down 5.7 percent on Wednesday.
Eight of the 10 major S&P 500 sectors were higher, led by the technology sector’s .SPLRCT 1 per cent jump.
