AAPL Stock closes over 3% higher: Boosted by the PEEK Performance.

Apple (AAPL) stock participated in the broad market rally on Wednesday and outperformed some of the main indices. The Nasdaq closed up 3.28%, while the S&P 500 was up 2.57%. The rally in the overall market was brought about by a risk-on tone and probably an over positioning on the short side.

AAPL Stocks

AAPL stock closes Wednesday over 3% higher as markets rally on oil collapse.

The collapse in oil prices by nearly 10% was the main factor at play yesterday for risk assets. This was brought about by talk of OPEC increasing production, Iran coming back into the fold, and a more accommodative tone from both Russian and Ukrainian speakers. Equity markets were also bolstered by talk of yet more stimulus or some form of action, in particular from the EU on a collective debt scheme.

AAPL stock was also boosted by Peak Performance day with multiple product launches.

Adding to sentiment from falling oil prices was Apple’s Peak Performance event on Wednesday. Apple unveiled a slate of new products or new versions of existing products. The most noteworthy was probably a cheaper iPhone, the iPhone SE.

Apple announced a new lower-priced iPhone, which was the standout for analysts.

According to a report from Counterpoint Research, this will still offer 5G connectivity and could be a game-changer in Asia. Android phones are traditionally more used by consumers in Asia, so this new budget-level phone is noteworthy for Apple.

Written by Maryam Nawaz

MPhil International Relations (Specialization in International Politics and Economy)

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