November 19, 2012 at 16:15 PM EST
Apple (AAPL) Leads Market Comeback
Now there’s the Apple (NASDAQ: AAPL) rally we’ve all been waiting for. And then some. Shares of the world’s largest company advanced an astounding 7.35% today – the stock’s biggest one-day move since April. Most analysts are characterizing the move as a correction after a two-month slump took Apple from an all-time high of $700 a share to $527 entering the day. The stock finished the day at $566 – its highest level in almost two weeks. As I wrote last week, Apple’s recent struggles have dragged the entire market down. The stock comprises roughly 13% of the market. Basically, when Tim Cook sneezes, the whole market feels it. Not surprisingly, Apple’s rally today has reenergized all stocks. The Nasdaq, of course, led the way with a 2.2% gain. Meanwhile, the S&P 500 advanced 2%, while the Dow jumped 1.65%. Apple made one of the day’s biggest moves. But here were several other stocks that kicked off Thanksgiving week in style: Phillips 66 (NYSE: PSX): After two weeks of big losses, this oil stock rose 5% today as the price of oil increased 3%. Green Mountain Coffee Roasters (NASDAQ: GMCR): After closing out last week at its lowest point in more than a month, shares of the beaten-down specialty coffee company staged a major comeback today. The stock advanced 11.2% – its biggest one-day gains since early September. Abercrombie & Fitch (NYSE: ANF): This retail stock is still riding high after last week’s earnings report revealed the company’s first profit growth in a year. Today’s 7% hike was a pittance compared to its record 30% gains last Wednesday after the earnings report came out. At $43.70, the stock is the highest it’s been since May. This was the best day for stocks in more than two months. Encouraging news about the fiscal cliff (the two sides are talking!) had something to do with the bump. But so did Apple’s recovery. Let’s hope it continues.
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