Dow Jones News: Apple Stock Rises Despite Tumbling iPhone Sales; Boeing Customer Pauses Plane Deliveries
The U.S. economy is beginning to reopen, even as the coronavirus pandemic remains far from contained. The long-term effects on the economy and consumer behavior may not be fully known for years, and it remains unclear how quickly economic activity will pick back up as restrictions are lifted. The Dow Jones Industrial Average (DJINDICES: ^DJI) was down 0.4% at 12:20 p.m. EDT Monday.
Shares of Apple (NASDAQ: AAPL) managed to move higher despite data suggesting a steep decline in U.S. iPhone sales last month. Meanwhile, the stock of Boeing (NYSE: BA) sank after a major airline said it would stop taking deliveries of planes for the time being.
New data from KeyBanc details just how weak U.S. demand for Apple's iPhone was during the month of April. The pandemic has forced Apple and most retailers to close or limit the operations of their U.S. stores, and consumers have been pulling back on spending due to the economic uncertainty. As a result, U.S. iPhone sales crashed 77% in April compared with the same period last year, and they were down 56% from March.
Source Fool.com
