As the excitement for the sales of the new Apple iPhone debuts, the stock market has gained greatly. Their share made a high jump of 11.4 percent in the week which happens to be the best they have had since October 2011with the S&P 500 and industrial average Dow Jones closing a little bit higher as well.
The iPhone company was responsible for the 80 points out of the Dow’s 127-point-gain for the week which is more than half.
For the S&P 500 gain for the week, there was an increase of about 0.53 percent as a result of Apple which also surged by 3 percent to emerge the best in the week.
S&P Dow Jones Indices senior analyst, Howard Silverblatt said had it not been for Apple, the tech sector which saw those gains would not have recorded much gain for the week.
Semiconductor stocks also got a sharp lift as a result of Apple’s success. For Skyworks, their gain was up to 14 percent in the week past gone which accounts for the best it has received since 2014, April. There was 4.2 percent gain for iShares PHLX Semiconductor ETF (SOXX) accounting for its best since May.
The biotech sector and semiconductor stocks as a result of the success recorded by Apple rose by 2.3 percent in the week which is the best it has gotten since July 1. Nasdaq Biotechnology ETF (IBB) by iShares was increased by 4.5 in the week.
Apple’s shares saw an increase since it released the iPhone 7 and Plus with the wireless headphones that was also revealed on September 7th. The indexes were affected last Friday which saw a decrease of 2 percent being the worst since June 24.
For Volatility, an increase was notices in the stock market which is not far from the pressure that lower oil and prices that has to do with the U.S. Federal Reserve. Apple was however on the increase for the past week until it hit a low on Friday.
Apple announced that the quantity of the phone 7 that was initially made available was not enough as it sold out. T-Mobile and Sprint by U.S. carriers also had an increase in the number of it sales. However, Apple said it is not ready to reveal the number of sales it has made in the week.