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S&P Rides Apple's Surge to Record High as Tech Melt Up Continues

Stock MarketsAug 21, 2020 04:05PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - The S&P closed at a record high on Friday, as an Apple-infused rally in tech and positive economic data prompted investors to raise their bullish bets on stocks. 

The S&P 500 closed 0.42% higher at a record 3,395, the Dow Jones Industrial Average rose 0.69%, or 190 points. while the Nasdaq Composite gained 0.42% to close at another record. 

Apple (NASDAQ:AAPL) surged 5%, leading the charge higher for the tech sector despite losses in other big tech names such as Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), and Amazon.com (NASDAQ:AMZN).

The surge in Apple comes just months to go until the release of its new slate of 5G-enabled iPhones, which many expect will be a game-changer for the upgrade cycle. 

"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.

Tesla (NASDAQ:TSLA) was also in focus, rising more than 2% to a new high at $2,049 as it prepares for a five-for-one stock split - a move that will make the stock more affordable for retail investors.

Energy, however, proved an exception to the day's 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 rose by a record 24.7% in July to a seasonally adjusted annual rate of 5.86 million 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:JEF) 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:DE) advanced more than 5% after the company reported fiscal third-quarter results that beat on both the top and bottom lines.

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

S&P Rides Apple's Surge to Record High as Tech Melt Up Continues
 

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Comments (7)
Gary Friauf
Gary Friauf Aug 21, 2020 8:53PM ET
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Apple like Tesla are extremely overvalued. The stock split is the only reason these stocks continue higher. I have my shorts in position for the coming week. This run is coming to an end.
Jedrek Zak
Jedrek Zak Aug 21, 2020 8:53PM ET
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the only reason these 2 are surging is because of the stock split and the thought that smaller buyers will be able to get in, but surprise! they already CAN buy fractional shares through multiple different brokerages. There's no justification in the pricing of either of these 2 right now besides hope that they'll just keep being bought at a higher price by some other person.
Jin News
Jin News Aug 21, 2020 7:03PM ET
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Green is good. Ride the waves, quit whining
Thom Miller
Thom Miller Aug 21, 2020 5:46PM ET
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Trump says that the only way he loses the November election is if it’s rigged. 1) If true, so much for spending nearly 4 years “making America great again.” Trump has destroyed yet another 244-year-old sacred American institution — the almighty right to vote without the threat of persecution and anything other than a smooth POTUS transition. 2) This is absolutely true. The last time I heard a politician make a very simlar comment regarding an upcoming election was when Bobby Andrews was running against Eloise Higgins for President of the 6th grade.
Thom Miller
Thom Miller Aug 21, 2020 5:46PM ET
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Thom Miller Eddie....
Chelsea lynne Penner
Chelsea lynne Penner Aug 21, 2020 4:45PM ET
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🤣🤒
Elvis Durant
Elvis Durant Aug 21, 2020 4:40PM ET
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when #fakenews rule.....🤦🏽‍♂️🤦🏽‍♂️🤣🤣
Dee Mehta
DMFINANCE Aug 21, 2020 4:27PM ET
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What a grand fraud show to ****retail investors sponsored by fed.
Michael Garrett
Michael Garrett Aug 21, 2020 4:22PM ET
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apple has the cure for the virus. split stocks
 
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