Apple Quells Market Fear of Currency Exposure

Just a day after the SPDR S&P 500 (NYSE: SPY) fell by 1.3% on currency impact fear generated by the reports of Caterpillar (NYSE: CAT) and Microsoft (Nasdaq: MSFT), the stellar report of Apple (Nasdaq: AAPL) and news from Boeing (NYSE: BA) had the SPY up sharply. The market was sent into a tizzy Monday after the currency-dirtied EPS reports of Caterpillar (NYSE: CAT), Microsoft (Nasdaq: MSFT), 3M (NYSE: MMM) and others. Suddenly, what should have been expected given the sharp gains of the dollar this past quarter was shocking the entire market. The Dow Jones Industrials took an even bigger hit than the S&P 500 thanks to the multinational exposure of its components; the SPDR Dow Jones Index (NYSE: DIA) was down 1.65% yesterday. The PowerShares QQQ (Nasdaq: QQQ) was off by 2.6% thanks to Microsoft. Needless to say, given Apple’s influence, it’ll be up significantly today. See the market report here.

DISCLOSURE: Mr. Kaminis is long AAPL. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.