Monday’s stock trading brought good news for Apple as it rose almost 5% after news came that it sold 9 million new iPhone during their first three days in stores. This has been made possible after China joined the list of launch countries for the first time and market observers feel that it will prompt the company to issue a rosier financial forecast.
Apple’s shares closed up 5 percent at $490.64 on Monday trading when it announced that revenue in the fiscal fourth quarter would gravitate towards the high end of its previous forecast of $34 billion to $37 billion. Huge demand for Apple’s latest gadget is expected and that may boost sales and better forecast for the year.
Early launch in China will help Apple; earlier, the company used to sell its phones after months of its official launch elsewhere. Now that China has joined a rollout that included Hong Kong, Singapore, the United States, Australia, Japan, Britain, Canada, Germany, France and Puerto Rico, Apple has better exposure for its product ab initio.
Other Stocks Dull
Banking giants faced the worse trading day. Whereas Citigroup C fell 3.2%, Goldman Sachs declined 2.65 percent. Similarly, the stocks for Morgan Stanley slid 3.4 percent and JPMorgan Chase’s shares dropped 2.54 percent amidst the reports that Wall Street’s fixed-income trading revenue could fall.
The Dow Jones industrial average fell for a third straight day on Monday. The fall is attributed to the concern investors have about the strength of the economy. On Monday’s trading, the Dow Jones industrial average fell 0.32 percent to 15,401.40. Earlier it opened at 15452.31 and traded as low as 15368.25 and finally closed at 15401.38-49.71 (-0.32 percent).
Similarly, the Standard & Poor’s 500 Index dropped 0.47 percent to 1,701.84. The index opened at 1711.44 and went as low as 1697.10. It could not get any further than where it opened and closed at 1701.84-8.07 (-0.47 percent). On the other hand, the NASDAQ fell 0.25 percent to 3,765.29. It too started well at 3786.84 and traded low at 3745.54 but finally closed at 3765.29.
Australian Market Dull Today
Monday’s U.S. trading also influenced Tuesday’s Aussie trading and Australian shares fell 0.4 percent. Bellwether miners BHP Billiton Ltd and Rio Tinto Ltd lost 0.6 percent and 0.9 percent respectively.
The Big Four banks are trading lower. The Commonwealth Bank of Australia fell 0.6 percent. On the other hand, Australia and New Zealand Banking Group lost 0.8 percent. Similarly, Westpac Banking Corp slipped 0.4 percent.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org