Stock market live updates: Rally disappears, Cramer on Apple, chip stocks drop

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CNBC’s Jim Cramer praised Tim Cook and Apple on “Squawk on the Street” following the tech giant’s strong earnings report. Cramer said the success of the iPhone 11 is proof that the company is still making products that consumers love.
“No one thought the phone was going to be the driver, because no one thought there was anything new about the [iPhone] 11; because everyone thinks that Tim Cook has never come up with anything that is really special,” Cramer said. “The idea that the company’s best times are behind them is stupid and dumb as wood.” —Pound

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