Apple's Stock Rallies After CEO Cook Tries To Reassure Investors

Shares of Apple Inc. climbed 1% in premarket trade Tuesday, after Chief Executive Tim Cook sought to reassure investors that the Apple Watch was selling well. In an email to Reuters, Cook said Apple Watch sales to consumers set a record in the holiday week, and that it was doing great and looks to be one of the most popular holiday gifts, and that sales growth was off the charts. However, Cook did not provide actual sales data. His email followed a report by IDC that third-quarter Apple Watch shipments plunged 71% versus a year ago. Apple's stock has gained 3.7% in 2016 through Monday, while the SPDR Technology Select Sector ETF has climbed 10.1% and the Dow Jones Industrial Average , of which Apple is a component, has run up 10.3%.

Copyright © 2016 MarketWatch, Inc.