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Post-Jobs run on overpriced Apple shares fails to occur

Markets more worried what'll happen to US gov, frankly

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The departure of Steve Jobs as boss of Apple was expected to result in a mass sell-off of the overpriced vendor's shares this morning, but the news has been overshadowed by larger events.

Pre-market trading saw Apple shares pushed down more than 5 per cent.

But early trading on Nasdaq saw the shares fall just less than 2 per cent in a market which dipped 0.56 per cent.

Anyone owning a substantial amount of the $346bn company is likely waiting for an expected announcement from the US Federal Reserve boss Ben Bernanke which might, or might not, signal another round of quantitative easing.

The markets have been rising all week on this rumour although some suggest that printing yet more money is not the answer to long-term problems.

Either way the markets are waiting to hear what the Fed boss has got to say – more evidence that supposedly free markets are now entirely dependent on national governments.

Once Bernanke's press conference is over, investors' attention will return to the sovereign debt crisis slowly enveloping Europe. ®

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