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Morning Call: Steve Jobs Dies at 56, Market Trying to Hold Onto Overnight Gains

724 views · Published 6 October 2011 · 17:55 · Indexed 24 October 2026

Channel: T3 Live · 2011 · News & Politics

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US stock futures are starting to pull back from overnight highs and now point to flat open on Wall St. Stocks were buoyed by hopes that European policy makers will coordinate a program to back-stop European banks. The Bank of England announced it would be launching another round of quantitative easing to stimulate the economy, and most think the US Fed won't be far behind. The ECB held interest rates steady in its announcement at 7:45am ET, and the market sold off on the news.

Much of that news overnight, however, was overshadowed by the passing of Steve Jobs, Apple's (AAPL) iconic CEO, at the age of 56 after a long battle with cancer. Jobs was a "visionary and creative genius" and a "dear friend and inspiring", said recently anointed CEO Tim Cook in an email to employees. It was a somber scene last night at the company's Cupertino, CA headquarters, where flags were flying at half-mast and bagpipes highlighted a somber tone.

Jobs was known for his attention to detail, eye for design and aesthetics, and keen sense of where technology is and should be headed. Only months ago he emerged from a leave of absence to present at an Apple keynote event, and his passing comes with AAPL continuing to ascend to the dominant position in the consumer electronics market. The stock is only slightly lower in pre-market trading this morning, evidence that Jobs has left the company is a great position and able hands.

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