Why Apple Shares (And Many Apple Suppliers) Jumped on Monday

Shares of Apple (NASDAQ: AAPL) traded 5.7% higher near 1:45 p.m. EDT. The smartphone giant rode a wave of optimism sparked by some good-looking COVID-19 statistics over the weekend, and the iPhone maker's jump also inspired big price increases for many of its leading suppliers of smartphone parts. Radio-signal chipmaker Skyworks Solutions (NASDAQ: SWKS) gained as much as 10%, display technology researcher Universal Display (NASDAQ: OLED) peaked at 9.8%, wireless data security expert NXP Semiconductors (NASDAQ: NXPI) posted a 13.2% gain at most, and mobile memory chip maker Micron Technology (NASDAQ: MU) boasted a 10.4% gain at press time.

New York governor Andrew Cuomo reported a drop in the daily number of coronavirus deaths in his state and also indicated that New York might be near the peak number of active COVID-19 cases. That was enough to spark a broad Wall Street rally on Monday. If we're getting close to the peak of this crisis, maybe we're ready to stop this social isolation experiment and get back to work as usual, right? And when that happens, the economy turns back up, people who were furloughed or fired get their jobs back, and the refreshed stream of American paychecks will be ready to invest in brand new smartphones again.

The Trump administration can't wait to get the country back on track again, looking for the earliest possible opportunity to get rid of the social distancing framework.

Source Fool.com