Apple's stock price climbed despite a fall in the major market indices.
So what?
The comments from Federal Reserve Chair Powell that the central bank could pull back on measures sooner than it had thought startled investors. The Fed had been expected to adopt a more supportive stance towards the economy after health officials detected a worrisome new coronaviruses strain that threatens to derail the market's recovery.
Powell's comments indicated that this might not be the case. Many stocks were sold off by investors. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all down on the day.
The image is from the same source.
Apple was the one that bucked the trend. The tech giant seems to be serving as a bastion in the storm for investors who want to protect their wealth during a stock market crash.
What now?
Apple's profit and cash flow generation is appreciated by shareholders. Over the past year, the company produced a staggering 95 billion in net income and 93 billion in free cash flow. It has a lot of cash and investments.
Apple is able to survive even the worst market downturns because of its financial strength.
Apple has some promising long-term growth initiatives that could propel its stock to even greater heights. The tech leader is working on a number of projects, including virtual and augmented reality, as well as a self-driving car venture. Apple's bold new bets suggest that technological innovation is alive and well in this $2.7 trillion giant.
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