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Most stocks fell yesterday over COVID-19 Omicron fears, but AAPL up 3%

Added 12-01-21 07:31:02am EST - “Omicron fears caused most stocks to fall yesterday, including tech giants like Amazon, Google, Meta and Microsoft. The Dow lost 651 ...” - 9to5mac.com

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Posted By TheNewsCommenter: From 9to5mac.com: “Most stocks fell yesterday over COVID-19 Omicron fears, but AAPL up 3%”. Below is an excerpt from the article.

Omicron fears caused most stocks to fall yesterday, including tech giants like Amazon, Google, Meta, and Microsoft. The Dow lost 651 points, the Nasdaq was down 1.6%, and the S&P 500 down 1.9%.

AAPL, however, not only weathered the storm, but saw its share price increase by 3.16% as investors saw it as a safe haven, with good short- and long-term prospects …

The new Omicron COVID-19 variant is spreading rapidly between countries, and appears to be particularly infectious. Early indications are that existing vaccinations are effective against the new mutation, but investors are still concerned about the potential economic impact of further lockdown measures designed to limit the spread.

CNBC reports that investors consider AAPL a safe bet in the short term because it has the cash needed to ride out any economic slowdown – and could even benefit from cost savings.

Needham analyst Laura Martin told CNBC that investors turned to Apple on Tuesday because the company has prodigious cash flow, allowing it to endure any slowdowns in the economy and take advantage of falling prices.

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