Apple's blowout quarter propels Nasdaq to big gain
The Nasdaq composite index shot 2 percent higher Wednesday, powered by a surge in Apple. The iPhone maker's stock climbed $50 after the company once again blew past Wall Street's profit forecasts.
NEW YORK — The Nasdaq composite index shot 2 percent higher Wednesday, powered by a surge in Apple. The iPhone maker's stock climbed $50 after the company once again blew past Wall Street's profit forecasts.
With Apple's help, the technology-focused Nasdaq posted its best day this year. Apple, the biggest component of the index by far, climbed 8.9 percent after reporting that its earnings doubled in the first three months of the year. The company sold 35 million iPhones, twice as many as in the same quarter a year ago.
The surge made back about half of what Apple's stock lost in the two weeks before its earnings announcement late Tuesday. One reason for the slump was an analyst's sugges
Stock in Apple, the most valuable public company in the world, hit $644 in intraday trading on April 10 and slid as low as $555 on Tuesday.
Apple jumped nearly $50 to $610 on Wednesday. The gain helped lift Nasdaq 68.03 points to 3,029.63. Apple makes up 12 percent of the Nasdaq.
The Nasdaq rose more than other market indexes thanks to its heavy weighting of Apple shares. The Standard & Poor's 500 index includes Apple; the Dow Jones industrial average doesn't.
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