Stock watch

Clem Cham­bers, CEO of ADVFN, the lead­ing stocks & shares web­site

Mac Format - - APPLE WORLD -

While Ap­ple is build­ing of­fices that look like space­ships, back on Earth the stock mar­ket is tak­ing a pound­ing. The Nas­daq hit an all-time high in July, surpassing the lev­els of the no­to­ri­ous dot­com boom and crash, but since then US mar­kets have had a nasty fall of 11%. This is not a crash, which is gen­er­ally re­garded as a drop of 25%; this is cor­rec­tion con­sid­ered to be just one of those things on the way to yet higher highs. On the day the low was much be­low the of­fi­cial close, so the ac­tual drop in­tra­day hit 16% off July’s top.

By that rat­ing, Ap­ple hit 32% off its high, its $10 re­cov­ery that af­ter­noon to $103 mask­ing the full ex­tent of the rout.

Right now, Ap­ple is $110 a share, with two fur­ther $10 peak to trough days swip­ing tens of bil­lions of dol­lars of wealth in and out of ex­is­tence. The stock mar­ket is get­ting wilder by the day and Ap­ple will be a key stock in that drama.

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