What you need to know
- Apple's share price has fully recovered from their midweek slump.
- AAPL tumbled on Wednesday and Thursday amidst growing concern about the coronavirus outbreak.
- The price jumped $20 in 30 minutes in wake of President Trump's declaration of a national emergency.
Apple's share price has fully recovered from its midweek slump after they tumbled on Wednesday and Thursday amidst growing concern over the coronavirus outbreak.
Earlier this week shares including Apple slid sharply due to concerns about the pandemic. Apple's stock fell by nearly 7.5% at the open on Thursday, and the S&P 500 as a whole fell in similar numbers.
Yesterday, Apple's shares closed at $277.97. Whilst that's still a far cry from its January high of $327.85 per share, Apple's recovery in trading late yesterday meant it ended the day with growth of nearly 12%, a staggeringly high move.
The news seems to have been partly in response to President Trump's declaration of a national emergency, and the promise to release up to $50 billion in federal resources.
Apple's entire operation, like many other companies globally, has been hard hit by the pandemic. Yesterday, Apple announced that its WWDC 2020 conference would take place in an all-new online format because of the current global health situation. Overnight, Apple also announced that it would close all of its retail stores until March 27 globally. In a press release it said:
We will be closing all of our retail stores outside of Greater China until March 27. We are committed to providing exceptional service to our customers. Our online stores are open at www.apple.com, or you can download the Apple Store app on the App Store. For service and support, customers can visit support.apple.com.