Apple’s stock caused the NASDAQ composite index to climb another two percent on Wednesday. The stock went up by $50 out-pacing Wall Street’s predicted forecast. Because of the iPhone maker’s stock NASDAQ had its best day this year. Apple is by far the largest component of the NASDAQ index and climbed by 8.9 percent reporting it earnings had doubled in the first quarter of 2012. Apple doubled the amount of iPhones it sold in the same quarter last year.
This surge made up for the loss that it experience two weeks prior to the announcement. Apple’s stock hit $644 a share on April 10, but was as low as $555 on Tuesday of this week, on Wednesday the stock climbed back up approximately $50. An analyst had suggested earlier that the company could not keep up with the momentum of the iPhone sales; he was wrong.
Apple’s gain help push NASDAQ up more than 68 points and makes up 12 percent of the index’s holdings. The NASDAQ index climbed more than the other markets because of its Apple holdings. Standard & Poor’s 500 indexes also include Apple but the Dow industrial average does not. However, Apple was just one of the several tech giants that reported strong first quarter earnings.