Apple leads stock market rebound

With less than an hour to go before the closing bell, Apple’s shares soared about 4 percent higher, by far the strongest gain of any of the 30 members that make up the closely watched Dow.

A sell-off on Wall Street early Monday has pushed Apple Inc.(NASDAQ: AAPL) stocks falling below the $100 mark for the first time this year.

“Apple has emerged not only as the most profitable company in the world, but one of the most important companies in the world”, Bajarin said.

Just before the closing bell, Apple’s shares rose more than 0.6 percent, joining Disney, with a almost 0.6 percent gain, as the only other Dow components that managed a gain.

San Francisco-based Visa, Santa Clara-based Intel, San Ramon-based Chevron and San Jose-based Cisco Systems all fell.

Near 1925 GMT, the Dow Jones Industrial Average was at 15,771.57, down 688.18 points (4.18 percent).

US stocks have dropped four straight days as worries about an economic slowdown in China have spurred selling in global equity markets.

Apple briefly led a stock market rally Monday after comments from Apple CEO Tim Cook that the company’s business in China was looking strong.

Apple shares closed at $105.76 on Friday and are down over $35 from a 52-week high of $134.54 set on April 28, but many analysts remain bullish about the stock and believe that the current dip presents a buying opportunity for investors.

Despite the string of losses on Wall Street and in world markets, analysts believe Silicon Valley remains robust. Besides, whether the selloff continues for a few sessions or turns into a bear market, odds are greatly in your favor that the best tech stocks will be much higher in, say, three years than they are today. “But overall, the fundamentals of tech are good, and the sector looks pretty safe”.

But both Apple (-2.9 percent) and Intel (-1.4 percent) were back into negative territory as part of a broad market retreat. “Google is a money machine”.