T3’s Market Wrap: Apple Shocks the Bears, Hits Record High

Earnings season has been a raging success when it comes to the numbers, and Apple (AAPL) is just the latest example.

The stock hit a new all-time high at $201.32 this morning after delivering better-than-expected fiscal third-quarter results.

Apple reported earnings of $2.34 a share on revenue of $53.3 billion, easily beating the $2.16/$52.3 billion consensus. iPhone unit sales were slightly below estimates, but the average selling price was $724, beating the expected $693.

The company also issued stronger-than-expected September-quarter guidance.

Apple shares are now up about 17% on the year, outperforming the Nasdaq by a decent margin.

Of course, it's easy to forget all the bearish headlines we've seen on Apple this year. Here's a very small sample:

When will people learn? You never really know what's going on with Apple until it reports. Yet investors still rush to believe negative rumors from news sources that have proven time and time again to be 100% unreliable.

The strength in Apple helped the Nasdaq outperform, but it wasn't exactly a perfect day.

News reports indicate that the Trump administration could place a 25% tariff on imported Chinese goods. Previously, the President promised a 10% tariff.

Stocks traded off their morning highs, which extended the recent market theme — good news, but sideways stocks. For example, the market couldn't rally on the big GDP beat.

This afternoon, the Fed announced its latest interest rate decision. As expected, the Fed held rates steady.

The Fed remained positive on the economy, saying “economic activity has been rising at a strong rate.” The Fed also signaled continued rate hikes by saying ” further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions and inflation near the committee’s symmetric 2 percent objective over the medium term.”