Apple shines on Wall Street after postponement of App Store adjustment

Tech company Apple was one of the stars on Wall Street on Wednesday. The iPhone maker has already been in the spotlight as the company approaches a market cap of $3 trillion, but investors also processed some good news from the courtroom. There, Apple was granted a postponement of an amendment to its App Store rules, as long as an appeal is pending. That adjustment could have cost Apple a lot of money.

Apple was the first to pass the $1 trillion mark in 2018 and the company was the first to be worth more than $2 trillion in 2020. At a valuation of $3 trillion, the tech group is worth more than all the companies on the German stock exchange or the entire British economy, according to Bloomberg news agency. With an increase of 2.3 percent, the market value is now $2.87 trillion.

After a hesitant start, the stock markets on Wall Street continued the upward trend of the past two days. Investors were once again positive about the pressure that the Omikron variant will exert on the global economy. There were also reports from pharmaceutical companies Pfizer and BioNTech that their corona vaccine probably offers good protection against the new variant of the corona virus after three injections.

The Dow Jones Industrial Average closed 0.1 percent higher at 35,754.75 points. The broad-based S&P 500 was 0.3 percent higher at 4701.21 points and tech exchange Nasdaq increased 0.6 percent to 15,786.99 points.

Pfizer lost 0.6 percent and its German collaboration partner BioNTech was down 3.6 percent. According to the vaccine makers, the first studies in laboratories show that after three injections, people have 25 times as many antibodies in their body as after two vaccinations. Based on the first studies, the pharmaceutical companies also assume that their vaccine after two injections also prevents people from becoming seriously ill from Omikron.

Meta, the company behind Facebook and Instagram, rose 2.4 percent. Instagram CEO Adam Mosseri testified before Congress about how the social media platform handles the safety of young users. Campbell Soup added 1.7 percent. The food group made more profit than expected last quarter, but turnover was somewhat disappointing.

The euro was worth $1.1347, against $1.1329 at the closing bell in Europe. A barrel of American oil became 0.8 percent more expensive at $ 72.60 and Brent oil also rose 0.8 percent in price to $ 76.02.

Apple shines on Wall Street after postponement of App Store adjustment
Source link Apple shines on Wall Street after postponement of App Store adjustment

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