Apple is up nearly 5% today, a gigantic amount for any company in one day, let alone one that has a market cap of over $500 billion.
Earlier, an analyst from Topeka noted that the selloff in the stock was “Insanely Insane” because the stock was so cheap.
So we’ll name this the Insanely Insane rally. The rally is helping to bring the NASDAQ up 1.6%.
Other factors driving the market up housing and fiscal cliff optimism.
Here’s more from Stifel’s Dave Lutz
Headlines crossing now that EMU officials indicate that tentative approval will be given to Greece tomorrow on the €44B tranche to be disbursed Dec 5. This has the DAX and EU Fins breaking to new heights, and the EUR breaks the 200day MA to the upside. “Hearing” a large trade going off selling US Long Bond and Rotating into the E-minis. AAPL up 5% now dragging NDX higher.
And here’s the chart of Apple.
Photo: Yahoo Finance
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