Why Apple Stock Popped Today
Shares of Apple (NASDAQ: AAPL) have popped today, up by 5% as of 2 p.m. EDT, amid a broad market rally driven by optimism regarding the coronavirus. Data from the Chinese government also showed a strong rebound in iPhone sales in China, as that country has made significant progress in containing the virus.
Apple shipped an estimated 2.5 million iPhones in China, according to Reuters, up from the roughly 500,000 units that the company sold in February. While those volumes are still down approximately 20% from March 2019, the significant improvement from February is giving investors hope that the economy will have a V-shaped recovery.
Image source: Apple.
Source Fool.com
