Apple cuts sales forecast as China sales weaken, iPhone pricing in focus

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Stocks rose even further after Federal Reserve Chairman Jerome H. Powell said the central bank will be flexible in deciding if and when it raises interest rates.

Powell also said the central bank would not "hesitate" to change its balance-sheet reduction plan if it was causing problems. Fears that the Fed may be making a policy error by tightening too fast have contributed to the recent skittishness in financial markets, according to several market experts. The Dow Jones Industrial Average soared about 500 points.

Thursday's selloff shows how numerous same fears that made 2018 the U.S. stock market's worst in a decade are still roiling markets. The 30-stock index fell to its low of the day right before the close, tumbling as much as 707.83 points. Other tech and media stocks climbing Friday included Twitter (up 7% to $29.95), Lionsgate (up 6.6% to $17.40), Amazon (up 5% to $1,575.39), Alphabet (up 5.1% to $1,078.71), Apple (up 4.3% to $148.26), Facebook (up 4.7% to $137.95) and Disney (up 3.1% to $109.61).

About 90% of the stocks on the New York Stock Exchange gained ground.

President Donald Trump on Friday downplayed a revenue warning by Apple Inc and said slowing economic growth in China puts the United States in a strong position as negotiators from the world's two largest economies prepare for trade talks next week. Technology companies took their biggest losses in seven years.

The U.S. and China have raised tariffs on billions of dollars of each other's goods in a fight over issues including Beijing's technology policy, which Washington alleges is predatory.

Talks in Switzerland would follow a meeting due to start in Beijing on Monday between US and Chinese officials, the first formal gathering between the two sides since Trump and Chinese President Xi Jinping agreed to a 90-day tariff truce in December, following a widely-anticipated dinner at the Group of 20 meeting in Buenos Aires.

Technology, healthcare and industrial firms and banks made strong gains. The Dow has now surged 1,641 points, or 8%, since Christmas Eve.

Analysts are now taking a dim view of rising corporate earnings in light of the more challenging global environment marked by slowing global economic growth.

The arrest of its chief financial Officer Meng Wanzhou in Canada in early December - on a United States extradition request linked to sanctions-breaking business dealings with Iran - has led to a surge of patriotism in China with companies encouraging staff to buy Huawei smartphones. The tech-driven Nasdaq composite index now stands 18 percent down from its record closing high reached in August.

Also adding to investor concerns was a report that showed manufacturing activity in US factories was slowing to its lowest level in two years.

Stocks have whipsawed between huge gains and losses for the last few weeks after their big December plunge.

NEW YORK-Global stocks are soaring Friday and reversing the big losses they suffered just a day earlier. Blais expects WTI will rise to around US$60 per barrel this year once the supply-demand dynamic is brought back into balance. We'll see what happens.

Apple's stocks have turned bearish since November 20, 2018 and now are 37.68 percent lower than its historical high of 232.07 US dollars per share set on October 3, 2018, despite over 1.7 percent of rebound in the early morning session on Friday amid an overall rise of USA stock markets. Analysts see S&P 500 companies posting profit gains of 15.8 per cent, significantly smaller than the third quarter's 28.4 per cent advance.