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Apple stock is holding up better than the broader market.
Gabby Jones/Bloomberg
The central bank of Switzerland increased positions in some of its largest U.S.-traded equity investments in the first quarter.
The
Swiss National Bank
bought stock of iPhone maker
Apple
(ticker: AAPL), movie-theater chain
AMC Entertainment Holdings
(AMC), and electric-vehicle makers
Tesla
(TSLA) and
Rivian
Automotive (RIVN).
The bank disclosed the trades in a form it filed with the Securities and Exchange Commission. As of March 31, it owned $177 billion of U.S.-traded securities. It declined to comment on the investment changes.
The Swiss National Bank bought 8.2 million more Apple shares to lift its investment to 71 million shares. Apple stock slipped 1.7% in the first quarter, compared with a 5% drop in the
S&P 500 index
.
So far in the second quarter, shares are down 16%, while the index is 11% lower.
Apple shares have gone on a losing streak, and the longest since the start of the pandemic. But the stock is holding up better than the broader market, and we noted that Apple’s performance could prevent the S&P 500 from sliding into a bear market. Last week, the company announced the phaseout of the iPod device, a game-changing portable music player that Apple introduced 20 years ago.
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