The recovery in Apple stock continues through April. After shares of the Cupertino company reached a 2021 low of about $116, in early March, the stock ended the April 5 trading session at nearly $126 apiece, for a 2.4% daily gain.
This was Apple's third consecutive day of positive returns, and the sixth in the past seven trading sessions. Now, Apple stock is about 14% below the peak levels of $143 per share reached in late January 2021.
What propelled Apple forward?
Much of AAPL's 2% gain on Monday came in the first few minutes of the new week. This is an indication that most of the bullishness pushing Apple higher came from developments over the Easter weekend, most likely the encouraging jobs report released on Friday.
As described by TheStreet's Joseph Woelfel:
The U.S. economy added far more new jobs than expected in March as hiring begins to return to its pre-pandemic pace amid accelerating vaccine rollouts and multiple state reopenings. The Labor Department said 916,000 new jobs were created last month, well above forecasts of about 675,000. The unemployment rate fell to 6%.
An improvement in job numbers could mean increased discretionary spending that might boost the sale of tech devices and services in the future. This would be great news for Apple.
Another possible catalyst was an interview with CEO Tim Cook, released during the day by the New York Times. In it, the executive spoke of retirement within the next ten years, which could have triggered a bearish reaction.
However, Tim's comment about autonomy being a core technology may have been a nod towards the development and launch of the anticipated Apple Car. He added, as paraphrased by Seeking Alpha:
Apple loves to integrate hardware, software, and services, finding the intersection points of those and owning the primary tech around the intersection.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting The Apple Maven)