but Nasdaq sours with Apple in wild day
stocks mostly higher on Wednesday, even as Apple, the most valuable company in the United States, suffered its worst day of losses in almost four years.
With the drop, Apple shed canada goose black friday nearly $35 billion in market capitalization, its biggest one canada goose uk outlet day market cap loss ever. The company market value, or market capitalization, now stands at $506.85 billion.
move is because of index weightings, with the Nasdaq buy canada goose jacket cheap down because Canada Goose Parka of Apple decline, said Rex Macey, canada goose black friday sale chief investment officer of Wilmington Trust in Atlanta. S is up because Apple isn as big a canada goose weight in that index, and the Dow canada goose coats is up even more because it isn there at all.
The broad market seesawed, with the S 500 dropping into negative territory before canadian goose jacket it canada goose uk black friday rebounded off the 1,400 level, seen as a key support point over the past two weeks. Investors cited comments from President Barack Obama suggesting a potential near term resolution to the cliff wrangling in Washington as a catalyst for the rebound. The uk canada goose outlet stock ranked as the Dow top percentage gainer after the insurance company said it intended to resume canada goose uk shop stock Canada Goose Jackets buybacks it had temporarily suspended while cheap Canada Goose it assessed Canada Goose online its exposure to Superstorm Sandy. The company also said a preliminary estimate of net losses from cheap canada goose uk Sandy was about $650 million canada goose factory sale after tax. company by market capitalization and a big weight in both the S 500 and the Nasdaq, fell canada goose clearance 6.4 percent to $538.79. Apple is down more than Canada Goose Outlet 20 percent from an all time high reached uk canada goose in late September, putting the buy canada goose jacket stock into bear market territory. canada goose coats on sale The stock, a Dow component, ended at $10.46, up 5.7 percent for the day.
Cyclical sectors, which are tied to the pace of economic growth, rallied on optimism about progress on canada goose clearance sale a solution canada goose store to avoid the fiscal cliff.
A trader works on the floor of the New York Stock Exchange in New York, November 30, 2012. REUTERS/Keith Bedford
Still, Apple struggled throughout the session. Market participants cited a host of reasons for the drop in the iPad maker stock, including a consultant report about the company losing share in the tablet market and reports that margin Canada Goose Coats On Sale requirements had canadagoosejacketsalesca been raised by at least one clearing firm, as well as year end tax selling ahead of a possible rise in Canada Goose Online capital gains tax rates next year.
On the Washington front, Obama told the Business Roundtable, a group of chief executives, on Wednesday that a fiscal cliff deal was possible about a week if Republicans acknowledged the need to raise taxes on the wealthiest Americans. economy into recession next year. Recently equities have moved on any whiffs of Canada Goose sale sentiment from Washington in headlines about negotiations.
comments generated a lot of optimism, but to the extent the market believes them, that how much we setting ourselves up for a decline if that deadline passes with no progress, said Macey, who helps oversee about $20 billion in assets.
McMoRan Exploration soared 87 percent to $15.82 and Plains surged 23.4 percent to $44.50.
About half of the stocks traded on the New York Stock Exchange closed in positive territory, while about 54 percent of Nasdaq listed shares ended lower.