Apple’s stock reached a record high close on Wednesday, lifted in a broad Wall Street rally after the US Federal Reserve signalled lower borrowing costs are coming in 2024.
Apple’s stock climbed 1.7% to end the day at US$197.96/share, beating the iPhone maker’s previous record high close of $196.45 on 31 July.
The stock hit an intraday high of $198, shy of its intraday record of $198.23 on 19 July. The world’s most valuable company now has a market capitalization of $3.08-trillion.
US stocks surged after the Fed held interest rates steady, with a near-unanimous 17 of 19 Fed officials projecting the policy rate will be lower by the end of 2024.
Apple’s rally on Wednesday also helped propel the Dow Jones Industrial Average up 1.4% to its first record high close since January 2022.
Apple’s shares have surged 52% so far in 2023, making a major contribution to the Dow’s 12% recovery over that time, and to the S&P 500’s 23% rally in the same period. — Noel Randewich, (c) 2023 Reuters