Concerted efforts by central banks to improve liquidity in credit and
capital markets has helped the session's bullish sentiment. Following
the FOMC's decision yesterday to cut the fed funds target rate to 1.00%
from 1.50%, central banks in Asia followed by trimming target rates as
well. In addition to the rate cuts, the Fed opened dollar swap lines
with certain central banks, including Brazil, Mexico, and South Korea.
Underscoring the session's positive tone is the fact gainers in the S&P 500 outnumber losers by a margin of 4-to-1.
Apple (AAPL 109.66) is one of the best performers in the S&P 500.
Its shares have rebounded 15% since Monday's closing. The stock has
been hit particularly hard as investors fear consumers will be less
willing to pay for gadgets like iPods, iPhones, or Apple's personal
computers and laptops, which typically cost more than those of
competitors.