Wall Street reacts to Apple's $500B investment | LiveNOW from FOX
Apple is committing $500 billion to the U.S. economy in a historic initiative, the company announced on Monday, marking "an extraordinary new chapter in the history of American innovation."LiveNOW's Andy Mac spoke about how the stock market reacted to the news with Barron's Paul La Monica.
The S&P 500 dipped 0.5% after flipping between small gains and losses several times through the day. The relatively modest moves followed its 1.7% tumble on Friday, which came after several weaker-than-expected reports on the U.S. economy.
The Dow Jones Industrial Average added 33 points, or 0.1%, while the Nasdaq composite fell 1.2%.
Apple's 11-figure commitment will roll out over the next five years. It will involve building an advanced AI server manufacturing factory near Houston, as well as doubling the company's Advanced Manufacturing Fund from $5 billion to $10 billion.
The tech giant also plans to establish an Apple Manufacturing Academy in Detroit, as well as hire 20,000 new employees with focuses on research and development, silicon engineering, artificial intelligence and machine learning.
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