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Apple gains push U.S. indices higher

Today’s Waves – 24th August

Apple gains push U.S. indices higher

Apple stock continues to rise as the tech giant surpassed the $500 per share level for the first time.

The company’s share price rose to an intraday high of $515.14, before sliding back under $500 late in the session Monday.

This move led the likes of the S&P 500 and NASDAQ to also record new highs. The S&P 500 was up over 0.70%, and the NASDAQ saw gains of 0.37%.

Although these indices have erased all losses from March and reached new records as a result. The Dow Jones is still about 5% below its February peak.

European markets rise on vaccine hopes

Last week’s spike in COVID-19 cases from Spain and Germany saw European indices slip across the board.

However, fresh hopes of a potential treatment have helped markets rebound today.  Several companies, including AstraZeneca are moving forward with testing on coronavirus vaccines.

Shares in the Pharma giant rose by 2.5% on the news. This in turn saw the FTSE 100 climb by 1.71%.

Germany’s DAX also gained, resulting in the index quoting its highest level since mid-July.

TikTok sues U.S. government

After President Trump ordered a US wide ban of Chinese tech app TikTok, many believed that would be the end of it.

The President also ordered the company to sell its North American arm to a U.S. based firm.

In response to this, it has been reported that TikTok has filed a lawsuit against the U.S. government, claiming that the company has been denied due process.

Quote of the day: “The fundamental law of investing is the uncertainty of the future.”

Peter Bernstein

Biggest Bull

USDCAD: After starting the day trading at support of 1.3152, USDCAD rallied back to resistance of 1.3226, reaching a high of 1.3230.

Source: Tradeview MT4

Biggest Bear

CADJPY: CADJPY was unable to break resistance of 80.49, and in turn fell as historical bears at this level brought rates down to an intraday low of 80.02.

Source: Tradeview MT4