GO
Loading...

Enter multiple symbols separated by commas

Apple Defies 'Death Cross,' Rebounds From Nine-Month Low

Apple Stores Most Productive US Shops

Investors breathed new life into Apple on Thursday after sending its shares to its deepest trough in nine months—flirting with levels that chartists regard as a major sell signal.

In the midst of a brutal sell-off that dragged Apple's stock back into bear territory on Wednesday, a combination of bargain hunting and a rally in major stock benchmarks helped Apple shares find buyers. With some analysts warning that the sell off was getting overdone, Apple's stock bounced to a session high above $548.

Apple briefly closed in on a technical area known as the "death cross" – where its 50-day moving average falls below the 200 day moving average. Technicians often take that movement as a cue to hit the sell button.

The rebound also comes as CEO Tim Cook announced that Applewas poised to produce one line of its Mac lines domestically. Itwas a rare bit of good news for a company that has been battered bythe market's doubts about its ability to keep innovating whilebeating its competition. (Read more: One Mac to Be Made in USA: Tim Cook.)

Technology

Squawk Alley

Re/code

  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.

  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.

Re/code

  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.

  • Co-CEO, Revere Digital; Co-Executive Editor, Re/code; and Co-Executive Producer, The Code Conference. Re/code is part of the CNBC network.