Apple paces Wall St rally, $A drops, iron ore leaps

All three US major benchmarks were higher at midday, bolstered by a more than 5 per cent advance in Apple. Atlassian surged near 10 per cent.

Apple was up 5.7 per cent to $US168.31 near 1pm in New York. Prior to the start of the session, the shares had tumbled 10 per cent so far this year, as investors bailed on 2021’s hottest growth sector: tech.Apple +5.5% Alphabet +1.6% Meta +1.4% Amazon +1.1%“Given recent volatility, there is a hope corporate earnings can stabilise markets,” Lindsey Bell, chief markets and money strategist at Ally, told Bloomberg.

At the same time, Goldman lowered its recommendation on financials to “neutral” from “overweight”. The firm said financials had outperformed the SP 500 since Goldman upgraded the sector in November. However, the prospect for “decelerating economic activity” creates “a more challenging operating environment”.The latest US economic data on personal income and spending pointed to the persistence of rising inflation.

Source: News Formal (newsformal.com)

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