Is King Apple back?
The three major indices rallied higher, mainly driven by favorable US CPI factors. $Nasdaq Composite Index(.IXIC.US$NASDAQ and $S&P 500 Index(.SPX.US$The S&P 500 hit a record high. $Dow Jones Industrial Average(.DJI.US$The Dow Jones Index rose more than 0.10%.
In terms of individual stocks, Apple surged nearly 5% to reach the level of 218 US dollars, overtaking $Microsoft(MSFT.US$Microsoft has returned to the “number one US stock” position and is also the most valuable company in the world.
However, whether the tech giants can maintain their gains still depends on the “face” of the Federal Reserve. The Federal Reserve will announce its monetary policy decision later. Although there is a high probability that interest rates will remain unchanged, economists will continue to pay close attention to clues about when the bank will cut interest rates for the first time in four years.
Source: Nanyang Siang Pao
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