For years the most exceptional of corporate brand names, Apple Inc. (AAPL) is now the quintessential company of the current bull market, relying on the kindness of the bond market to fund an aggressive stock buyback. This maneuver is perfectly in sync with today’s financial-engineering fashion.

A year ago Apple stood astride the financial markets, attaining the highest market value ever as it topped $600 billion. The iJuggernaut’s fabulous profitability, stupendous share-price gains and cult-inspiring products nearly consumed all the capitalist oxygen in a world of muted economic growth, range-trapped stock indexes and plodding technological advances.

More than 90% of brokerage analysts were recommending the stock, it was the most heavily owned name by hedge funds and, at its $702 peak in September 2012, was up 70% for 2012 versus less than 15% for the other 499 stocks in the Standard & Poor’s 500 combined.

A well-known comeuppance

Then came the well-known comeuppance, with stiffer

It was a day of relative calm on Wall Street as the major indexes closed out April with roughly 2% gains. The S&P 500 set a new intraday high today and rose 0.28% to close at another record high 1,598. The Nasdaq continued to lead the market, rising 0.66% to 3,329.

The economic news of the day was mixed. Chicago PMI came in weaker-than-expected at 49, showing a contraction in Midwest manufacturing activity in April. The S&P/Case Shiller Housing Index for 20 cities found that during February prices for single-family homes posted their biggest annual gain in seven years. Meanwhile, the Conference Board says consumer confidence jumped to 68.1 in April, lifted by a better outlook for the job market. Analysts were expecting a reading closer to 61.

Shares of Best Buy (BBY) soared over 7% on news the company is ending its business in Europe. The big box retailer is selling back its 50% stake in British cell phone company Carphone Warehouse. Best Buy bought half of Carphone Warehouse 5 years ago