Strength in technology giant Apple (NasdaqGS: AAPL) helped a Nasdaq-100 exchange traded fund claw back to even Thursday despite a 130-point loss in the Dow.
PowerShares QQQ (NasdaqGM: QQQ) pared its early loss to trade near the flat line in afternoon dealings.
Apple shares were up nearly 2% in a steady climb Thursday. The stock is the largest holding in the Nasdaq ETF at about 12% of assets.
The stock, a Wall Street darling and a favorite among hedge funds, was rising to test its 200-day moving average.
Tech bulls are hoping Apple shares can bounce and help turn the sector around due to the stock’s huge market capitalization. [Apple Weighs on Nasdaq-100]
PowerShares QQQ