On Wednesday, after a two day brutal sell off, the S & P 500, finally escalated and ended higher. This was led by a bounding back of the shares of energy and technology.
But at the end of the session, the market faltered because the shares of Apple Inc had surrendered against gains just ahead of the Thanksgiving holiday.
The Dow also decreased by giving up gains and ended flat. The S & P 500 also encountered its session’s low which is considered to be a sign of lingering bearishness.
There has been an increasing worry related to the slowing growth of the market globally as the corporate earnings have sapped the risk appetite in the past few months.
This in turn has given rise to the doubt of the longevity of nearly a decade old bull market.
A Managing Director of the institutional sales which have been trading at the Robert W. Baird in the Milwaukee, Michael Antonelli, stated that the weakness of the late day which was supposed to be tied up the program that was selling in very thin trading volumes has been a cause of disappointment for the bulls.
He had further added that it is an ugly action of end price and that there is no other way to say it. He also stated that the public is watching the Apple only because it has been “one of the drivers of pain”.
He said that it had all opened really very strong and when giving it all back simply means that the pain is just not over.
The index of the S & P Technology rose by 0.6 percent which was helped by the gain of 9.7 percent in the share prices of the Autodesk Inc.
The shares of Apple however was down by 0.1 percent reaching a value of $176.78 despite being at a value of $180.27 during the session.
Source: BusinessInsider, Forbes
