Dow Advances on Apple-Infused Rally Amid Signs of Growing iPhone 12 Demand By Investing.com


© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street moved higher Friday, as an Apple-infused rally in tech and positive earnings helped offset weakness in energy as oil prices fell.

The rose 0.55%, or  151 points. The rose 0.18%, while the gained 0.19%. 

Apple (NASDAQ:) surged 3% to offset losses in other big tech names such as Microsoft (NASDAQ:), Facebook (NASDAQ:), and Amazon.com (NASDAQ:) as investors digested signs of higher demand forecasts for the tech giant’s upcoming slate of new 5G- enabled iPhones.

“Our recent Asia supply chain checks conducted by our TMT team show a discernible uptick in forecasts for iPhone 12, which bodes well for demand trends heading into this highly anticipated October launch,” Wedbush said in a note.

Energy, however, proved an exception to the move higher as oil prices slipped on concerns that a slower pace of economic recovery could hurt demand.

But not every sector of the economy is flagging a potential slowdown. Housing remains robust, while a survey on business activity also surprised to the upside.

The Commerce Department said existing home sales in July to a seasonally adjusted annual rate of units., topping forecasts for a 14.7% rise.

“Given the continued plunge in mortgage rates, there is probably further upside for demand in August,” Jefferies (NYSE:) said.

IHS Markit data showed flash Composite Purchasing Managers’ index of 54.7 for August, above forecasts of 51.3.

Upbeat quarterly corporate earnings also supported investor sentiment on stocks.

Deere  (NYSE:) advanced more than 5% after the company reported fiscal third-quarter results that beat on both the top and bottom lines.

Foot Locker (NYSE:) also delivered quarterly results for the second quarter that topped analysts’ consensus, sending its share price up 1%

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*