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Dow Jumps on Apple-Led Tech Rally Ahead of iPhone Launch

Stock Markets Oct 12, 2020 02:53PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow climbed Monday, on optimism over stimulus talks and an Apple-led tech rally ahead of the tech giant's slate of new iPhones expected to be unveiled on Tuesday.

The Dow Jones Industrial Average rose 1.01%, or 288 points. The S&P 500 was up 2%, while the Nasdaq Composite added 3.22%.

Tech, meanwhile, was among the biggest gainers, with Apple (NASDAQ:AAPL) up more than 6%  as Wall Street continued to talk up signs of the strong demand for the upcoming launch of 5G-enabled iPhones.

"We expect four models of iPhone 12 to be unveiled on Tuesday .. we are seeing Apple and its Asian suppliers anticipate stepped-up demand for the larger 6.7-inch model which is raising the overall iPhone 12 expectations heading into this 'once in a decade' potential launch," Wedbush said in a note.

Other tech stalwarts including Google and Facebook were also boosted by favorable comments from Wall Street.

Deutsche Bank (DE:DBKGn) lifted its price target on Facebook (NASDAQ:FB) to $325 from $305 and on Google-parent Alphabet (NASDAQ:GOOGL) to $2,020 from $1,975, sending both shares prices up more than 5%.

Microsoft (NASDAQ:MSFT) added 3%, while Amazon.com (NASDAQ:AMZN) was up 6%.

The broader market was also pushed higher by a rise in financials as banks are set to kick off earnings season in earnest.

JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C) report quarterly earnings before the opening bell on Tuesday. Ahead of the quarterly earnings, analysts estimates have improved as many expect robust trading activity to ease the impact of softer lending activity amid ultra-low interest rates.

FactSet estimates cumulative financial earnings to fall 19.4% in the third quarter from a year ago, marking an improvement from its forecast in June for a 34.4% decline.

Sentiment on stocks was also supported by ongoing hopes U.S. lawmakers will agree on a skinny stimulus package that could include support for Americans, small businesses, and the aviation industry.  

Trump called on Republicans to fast-track the approval of his Supreme Court nominee Judge Amy Coney Barrett to shift the focus on a stimulus package.

The White House Friday upped its coronavirus stimulus offer by $400 billion to $1.8 trillion, short of the Democrats' $2.2 trillion proposal. Senate Republics expressed concerns about the size of deal, while Democrats deemed it insufficient.

Energy lagged the broader move higher as oil prices fell after concerns about oversupply resurfaced after Libya announced over the weekend it would be ramping up production.

In deal news, Twilio (NYSE:TWLO) added 8% to a 52-week high intraday after it announced a deal to acquire customer data infrastructure company Segment for $3.2 billion in shares.

Dow Jumps on Apple-Led Tech Rally Ahead of iPhone Launch
 

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Comments (15)
SORE LOSR TRMP SORE LOSR TRMP
SORELOSRTRMP Oct 12, 2020 6:28PM ET
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Of COURSE, Support Sweatshop Labor. nice...
indie indie
indie indie Oct 12, 2020 3:49PM ET
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Thinking about how people say this grow has no fundamental. Look at target prices of tech companies given by institutional investors. Still a lot of growth to come, till next black swan.
William M KPODE
William M KPODE Oct 12, 2020 2:50PM ET
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Check out S&P500 (D1) Chart , the Bullish forces are still stronger than the Bears 🐻
William M KPODE
William M KPODE Oct 12, 2020 2:48PM ET
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And I swear to Mighty God 🙏 the S&P500 has been a real deal man ! Since Oct 2nd the market has been Bullish and still Bullish but it is reaching an Overbought level . It has 106%ROI profits already without even hitting the Target RZone .
Kristof Vermeeren
Kristof Vermeeren Oct 12, 2020 2:45PM ET
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This rally is not supported by earnings and is pure artificial. This is indeed based on stimulus hope but a rise on stimulus is not solid. a rise on earnings and good company results is but stimulus will have to be payed back sometime. On stimulus the market should go down since it is only a temporary measure. the more stimulus is required the worse the economy is.
allan brito
allan brito Oct 12, 2020 2:45PM ET
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when have u seen stimmulus being paid back?? criminals debt increase skyhigh and never been paid back. even with the stock market chilling at ath.
Kristof Vermeeren
Kristof Vermeeren Oct 12, 2020 2:45PM ET
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allan brito  oh yes, just you don't see it directly. there are multiple ways to get this back without, one of them is taxes.
Steffen vdm
Steffen vdm Oct 12, 2020 2:21PM ET
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One of these days the market will sound like a massive Whoopee Cushion
Chris Scheer
Chris Scheer Oct 12, 2020 2:21PM ET
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ha ha
Charles Russell
Charles Russell Oct 12, 2020 2:05PM ET
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Native Americans , Indiginous People , Columbus Day Rally.
Attila Bakk
Attila Bakk Oct 12, 2020 1:59PM ET
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Stimulus hope more valuable than actual stimulus
Matt Kay
Matt Kay Oct 12, 2020 1:59PM ET
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Foreplay better than ... you know
Tomáš Geissler
Tomáš Geissler Oct 12, 2020 1:57PM ET
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Its “ghost rally” too much greed in the market and tech hype
Matt Kay
Matt Kay Oct 12, 2020 1:57PM ET
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Billionaires getting richer, proles get poorer. Murica
Paolo Si
Paolo Si Oct 12, 2020 1:56PM ET
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if you say so
 
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