The markets enjoyed a healthy rally today after a string of volatile trading days. The Dow 30 added 177, while the S&P 500 gained 21, and the Nasdaq 100 was once again supported by Apple, up 75 (1.47%). Wrapping up the week tomorrow we have CPI numbers that will drive early morning activity.
Apple (NASDAQ: AAPL) blasted off another 3.43% today as the tech giant continues to march higher. Prior to this the stock has been up over 8% in just 3 days as optimism over pre-orders for the iPhone 7 has pushed Apple stock to a new high on the year and taken the company's market value above $600 billion for the first time since April. Volume has been off the charts over the last 4 trading days.
Wells Fargo (NYSE: WFC) continues to stay in the media spotlight losing another 0.80% today. Federal prosecutors have reportedly launched investigations into the bank's sales practices, including opening new accounts for customers without their consent. The Wall Street Journal said that the US attorney generals in New York and California have issued subpoenas in a scandal that has cost the bank $185 million in penalties and the jobs of 5,300 employees. The New York Times says prosecutors in North Carolina are also investigating Wells for the creation of some 2 million sham accounts. Although it did close negative today, buyers did attempt to push it higher as shares closed well off their intra-day lows.
Twitter (NASDAQ: TWTR) added 1.19% on the day because, starting today, it will live-stream the first of 10 Thursday night NFL games, which it's making available on Apple TV, Amazon Fire TV and the Xbox One. The social media firm is struggling to boost engagement and ad revenue, and has been really trying to drive traffic with the NFL deal.
Aerie Pharmaceuticals (NASDAQ: AERI) was the big winner of the day as shares blasted off 44.87% early today after the biotech firm revealed that a late-stage trial of its eye treatment showed promising results of lowering fluid pressure within the eye. Volume was well above average as traders flocked to the move.