Shares of Apple Inc. (AAPL) fell at the close of trading on Thursday, the day after former CEO Steve Jobs passed away. But they rebounded after a drop this morning, as many industry observers believe the maker of the iPod and the iPad is well-positioned to continue its successes without its iconic founder.
Shares fell about 0.7 percent to $375.75 at the opening bell then bounced back through the day. By 4 p.m. EST, the stock was $377.37, down 0.23 percent. The Dow Jones industrial average was up 1.6 percent to 11,119 while the tech-heavy NASDAQ rose 1.8 percent to 2,505.
Apple stock has increased more than 90 percent this year. Apple shares fell 0.7 percent the day following Job's resignation on August 24. As Jobs' health began to fail from neuroendocrine cancer, he resigned as CEO and handed the baton to his long-time lieutenant and chief operating officer, Tim Cook. The 56-year old Jobs had led the company since 1996, after co-founding the company in 1976 and his ouster in 1985.
"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know," Jobs wrote in his resignation letter. "Unfortunately, that day has come."
On Tuesday, the company announced the release of the iPhone 4S, which includes a new voice recognition system and a powerful processor, presented by Cook and other executive staff. Many analysts said they were impressed with the iPhone 4S, but the gadget failed to meet some expectations of those who expected a newfangled iPhone 5. Tuesday was not the first time Jobs was not present during a new product announcement.
Analysts said the company was in good hands under Cook, who had been running the company on a day-to-day basis for years, freeing Jobs to look at big picture issues and new innovations.
"Apple has lost a visionary and creative genius, and the world has lost an amazing human being," Cook said in a statement. "Those of us who have been fortunate enough to know and work with Steve have lost a dear friend and an inspiring mentor. Steve leaves behind a company that only he could have built, and his spirit will forever be the foundation of Apple."
Cook said the company is planning a celebration of Job's life for Apple employees and those who wish to share "thoughts, memories and condolences in the interim" can email firstname.lastname@example.org.
"The board has been preparing for this eventuality," Michael Gartenberg, research director of Gartner IT analysts, said after Jobs stepped down as CEO. "Mr. Cook has shown remarkable leadership in the two times that he has taken the reins when Jobs was out on medical leave. And there is no reason to think he simply won't continue that pattern of excellence."
A statement from Apple's board of directors said the group was "deeply saddened" to announced Jobs' death.
"Steve's brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve," the board's statement said. "His greatest love was for his wife, Laurene, and his family. Our hearts go out to them and to all who were touched by his extraordinary gifts."
ABC News' Ned Potter contributed to this report.
377.37 -0.88? (-0.23%?) Oct 6 4:00pm ET