Wall Street pares early losses to close in green, Apple's market cap hits $1 trillion


  • Apple became the first publicly traded company to hit $1 trillion market cap on Thursday.
  • Technology outperforms other major sectors.
  • Tech-heavy Nasdaq adds more than 1%.

Major equity indexes started the day on a negative note as escalating trade fears weighed on European and Asian stocks. However, Apple's impressive performance continued on Thursday with a 3% gain and it became the first publicly traded company to reach a market capitalization of $1 trillion to improve the market sentiment. Boosted by this development, the S&P 500 Information Technology Index added 1.4% to outperform all the other major sectors for the second day in a row.

"It's a good sign for the market and the economy. Even though today we're talking about the impact of trade or currency war, an issue with China, Apple who makes most of their products in China is hitting this," Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh, told Reuters.

On the other hand, falling prices of copper and other base metals forced the S&P 500 Materials Sector to close the day 0.72% lower.

The Dow Jones Industrial Average was virtually unchanged at the end of the day at 25,328.40 points, the S&P 500 rose 14.05 points, or 0.5%, to 2,827.41 and the tech-heavy Nasdaq Composite gained 96.71 points, or 1.25%, to 7,803.99.

DJIA Technical Outlook (via FXStreet Chief Analyst Valeria Bednarik)

"The daily chart for the Dow shows that the index closed little changed for a third consecutive day,  and still above the 23.6% retracement of the latest bullish run, but posted a lower low and a lower high that leans the risk toward the downside. The intraday low briefly pierced a bullish 20 DMA, while technical indicators continue losing ground within positive levels, moving closer to their midlines."

"Shorter term, and according to the 4 hours chart, the late recovery stalled around a mildly bearish 20 SMA, while buyers surged around a bullish 100 SMA. Technical indicators in this last time frame remain unable to surpass their midlines, now turning marginally lower in neutral readings."

According to the analyst, supports could be seen at 25,277, 25,222, and 25,168 while resistances align at 25,361, 25,404, and 25,446.   

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD under pressure below 1.0400 on persistent USD strength

EUR/USD under pressure below 1.0400 on persistent USD strength

EUR/USD remains deep in the negative territory below 1.0400 on Tuesday, erasing a portion of Monday's gains. The pair is undermined by risk aversion and the persistent US Dollar demand, fuelled by US President Trump's tariff threats.

EUR/USD News
GBP/USD stays below 1.2300 after UK employment data

GBP/USD stays below 1.2300 after UK employment data

GBP/USD stays under bearish pressure and trades below 1.2300 on Tuesday as the USD preserves its strength following US President Trump's tariff threats. The data from the UK showed that the ILO Unemployment Rate edged higher to 4.4% in the three months to November.

GBP/USD News
Gold trades at multi-month highs above $2,720

Gold trades at multi-month highs above $2,720

Gold gathers bullish momentum and trades at its highest level since early November above $2,720 on Tuesday. The benchmark 10-year US Treasury bond yield is down more than 1% below 4.6% following US President Trump's tariff threats, helping XAU/USD hold its ground.

Gold News
Bitcoin fails to sustain the $109K mark after Trump’s inauguration

Bitcoin fails to sustain the $109K mark after Trump’s inauguration

Bitcoin’s price steadies above the $102,000 mark on Tuesday after reaching a new all-time high of $109,588 the previous day. Santiment’s data shows that BTC prices quickly corrected, as social media showed major greed and FOMO among the traders in Bitcoin after President Donald Trump’s inauguration.

Read more
Prepare for huge US trade changes as Trump goes America first

Prepare for huge US trade changes as Trump goes America first

You can be sure that big changes are coming as far as US trade is concerned, even if we didn't get any new tariffs on President Trump's first day in office. A comprehensive investigation into US trade relationships was initiated via a memorandum. China, Canada, and Mexico are clearly in the immediate firing line. 

Read more
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures