US Stocks Fall after Apple Closes 2%
US stocks fell in the 3rd session. The key reason behind this was Apple closing down about 2%. Apple is the largest company in the world in terms of market capitalization. Its moves have impacts on the US economy.
Amazon Asked not to Sell iPads in China
Reports suggest that Amazon was asked by Apple to hold on to the sale of iPads in the Chinese market. This came as a shock for Chinese investors. Apple’s statement was released in the minutes of the last policy meeting held by the Federal Reserve. According to a statement given by an Apple spokesperson, Amazon is not an authorized seller of iPads in China and the US market.
A technology firm in China is working on banning Apple tablet shipments to the country. The key reason behind this is an ongoing legal battle over the name, iPad.
Apple’s Growth a Concern for the Industry
McMillan Analysis Corp of Morristown’s president, Larry McMillan stated that the primary concern in the market at present is the high growth rate of Apple. Before Apple’s decline, US stocks reached the break even point. 2.3% was closed down by Apple after it hit a high of $526.29. The index of Standard & Poor’s fell by 0.54%, at 7.27 points and The Nasdaq Composite index fell by 0.55%, 16.00 points.
The Euro faced losses against the dollar, which recorded a loss against the yen. According to Fed officials, another round of bond buying by the Central Bank will be required to support the US economy. However, the judgment has been withheld by other officials.
Rise in Global Stock Market
The Global Stock Market recorded a rise. Data revealed that the key reason behind this is the US economy gaining strength and economic resilience in France and Germany. A 0.2% gain has been recorded by MSCI world equity index. The index of FTSEurofirst 300 closed at 1,075.75 points. It was as high as 1,080.30 in the recent past.
A Greek bail-out is expected to be completed by the middle of March. In case, the ball-out is not completed by the estimated time, the situation in the market may become difficult.