The smart-phone maker experienced a sharp drop in its share price on Wednesday where the stock fell from the $506 level down to $468 a share level, after losing nearly 5 percent value. The new iPhones failed to spark consumers’ interest as there was no element of ‘creativity’ in it for which Apple is known.
The demand that was expected for new the iPhone on its launch was not there, due to which investor confidence dropped on Apple as concerns still are in the air where people are talking about whether or not Apple would be able to survive its position in the market without Steve Jobs.
Happy Wall Street
Wall Street seems to like the seventh consecutive day bullish move as the concerns over a Syrian attack are fading away, as the US President agreed to allow the Syrian regime to eliminate the chemical weapons from their possession. The S&P 500 index rose further yesterday where it closed near the 1689 level, where its next targets are 1695 and 1703.
FED Meeting for Tapering
The FED meeting is also scheduled in a few days where it is expected that the tapering would be done for the stimulus plan; however, the investors are not concerned as to how much it would be done.
They are concerned whether or not the easing measures would be eliminated in 9 months to 1 year time because this would be a very bad sign for the stock market, and it may plunge dramatically if this sort of decision is announced.
The shares of Facebook spiked on Wednesday where they rose to an all-time high level of 44.82 dollars a share, as the demand for mobile advertisement products is rising that would eventually lead to generating sound revenues for the company.
Marriot International Hopeful
Marriott International also managed to gain around 2.9% after China’s richest man announced that he is taking services of two investment banks in order to make a move to acquire hotel-management companies.
Already being an owner of the biggest land developer firm, his fortune may rise further in the coming years. However, the shares of Marriott tested the $42.83 level after moving up from the range-bound area of $41.2 a share.
To contact the reporter of this story: Jonathan Millet email@example.com