Apple shows off its latest and greatest. And a major movie chain files for bankruptcy. The Nasdaq broke its 7-day losing streak – its longest in 6 years. It was helped by comments from The Federal Reserve indicating rates will stay at high levels for a while.
The Dow gained 435 points to close at 31,581
The S&P was up 71
The Nasdaq ended the day 246 points higher, or just over 2%
Here’s some more fuel to the “housing recession” fire. Mortgage applications just hit 22-year lows, according to the Mortgage Bankers Association. With rates above 6% and home prices not moving much, buyers are waiting. Some of them are choosing to *rent instead.
The owner of Regal Cinemas just filed for bankruptcy. Cineworld group is the second largest movie theater chain in the world. They own some 500 theaters in the US. But consider the move a way to reduce debt, with company leaders saying they have access to $2 billion in financing to keep operating.
Apple unveiled its new lineup of phones, watches and earbuds today. The iPhone 14 gets satellite connection, better cameras, and an “always on” screen for the Pro models. The mini iPhone is gone, but prices remain the same. There’s a new Apple Watch Ultra for outdoor lovers. And Airpods Pro get an update as well.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.