Apple stock avoids the feared lurch downward

APPLE stock resisted the expected downward lurch in the wake of Steve Jobs’ death, falling only slightly yesterday. It closed at $377.37 after initially surging above $380 a share – still below its September high of $423.

Steve Jobs’ long battle with pancreatic cancer rocked Apple’s share price on several occasions, with rumours of a deterioration in his health sometimes knocking billions from its market cap. Yesterday’s share performance has been seen as a vote of confidence in new chief executive Tim Cook, with the market appearing to show faith in the newly formed Apple board.

Apple has now regained almost all of its losses after what was seen as a disappointing launch of its latest iPhone, the 4S. It was launched just a day before Jobs, aged 56, passed away.