Apple stock surges into bull-market territory, but is still well below 200-DMA
Shares of Apple Inc. AAPL, +2.77% surged 2.9% toward a fourth-straight gain in afternoon trade, enough to pace the Dow Jones Industrial Average’s DJIA, +0.42% gainers. The stock has now run up 10.8% since the technology giant reported fiscal first-quarter results after the Jan. 29 close. The rally puts the stock 20.5% above the 20-month closing low of $142.19 on Jan. 3. Many on Wall Street define a bull market as a rise of 20% on a closing basis off a bear market low. The stock still remains well below the widely watched 200-day moving average (DMA), which many view as a dividing line between longer-term uptrends and downtrends. The 200-DMA currently extends to $191.40, according to FactSet. Despite the recent run up, the stock is still down 17.4% over the past three months, while the Dow Jones Industrial Average DJIA, +0.42% has slipped just 0.4% over the same time.
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