The technology sector has been one of the fastest growing market segments in recent history. With numerous industry leaders such as Microsoft and IBM continually innovating in the space with new and improved products, technological advancements have gone from the first automatic, programmable machine in 1941, to now hand-held smartphones capable of almost any task demanded of them. While there have been many firms on the forefront of this movement, none have been more prolific in recent years than Apple [see also Apple & Verizon Team Up on iPhone: How Will ETFs Respond?].
Apple has brought to market many household names like the iMac, iPod, iPhone, and the iPad, a line of products that have taken over the industry in a number of key segments. Credited with the brilliant innovation of these numerous products is Steve Jobs, CEO of Apple
Yesterday, it was announced that Jobs would be taking a medical leave of absence to focus on his health. While Cook will again be acting CEO, and run the day-to-day operations, Jobs will still be involved in major decisions at the company. But with Jobs being such a pivotal part of Apple's strategy and mission, many are worried how the company will perform in his absence. As Cook will begin another stint as acting CEO of Apple, investors may have more confidence in him then previous years, as he has had a strong performance in his last showing as CEO of the tech giant. But despite Cook's bright track record, Apple shares were down approximately 7% in German trading yesterday, in light of this unfortunate news regarding one of the most famous CEOs in the world.
With U.S. markets closed yesterday, unable to react to this major news, today's ETF to watch will be the iShares Dow Jones U.S. Technology Index Fund
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Disclosure: Photo courtesy of Matt Yohe. No positions at time of writing.
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