DAILY UPDATE: Apple Down but Stocks Gain

Posted on March 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks soared again on Thursday, pushing the major indexes to new records as tech companies over performed and investors hung onto the good vibes from this week’s Fed meeting. It was a scintillating debut for Reddit, which rocketed nearly 50% in its first day as a public company.

Here’s where the major benchmarks ended:

  • The S&P 500 index added 16.91 points (0.3%) to 5,241.53; the Dow Jones Industrial Average surged 269.24 points (0.7%) to 39,781.37; the NASDAQ Composite rose 32.43 points (0.2%) to 16,401.84. 
  • The 10-year Treasury note yield (TNX) was flat at 4.27%.
  • The CBOE Volatility Index® (VIX) dropped 0.11 to 12.93.

Industrials, financials, and energy stocks were among the strongest sectors. Utilities and communication services finished modestly lower.

Apple (AAPL) was the biggest loser in the Dow Jones Industrial Average, falling 4.1% on reports the Justice Department filed an antitrust lawsuit against the company. Other widely held stocks were mostly higher: Microsoft (MSFT) added 1%, Meta Platforms (META) gained 0.4%, and Amazon (AMZN) was unchanged on the day.

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