Apple CEO Tim Cook. (Photo: Reuters)
Apple Inc. (NASDAQ:AAPL) closed up 1.30% at 135.02, gaining 1.73 points to set a new record high for the second straight trading day. The stock’s gains, along with those in the banking sector, have contributed to runs in the S&P 500 (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI) and Nasdaq Composite (INDEXNASDAQ:.IXIC) indexes.
Shares of Apple also hit an intraday record high on Tuesday for the first time in nearly two years as investors anticipate a 10th anniversary iPhone is going to be a boon in otherwise lackluster sales. Forecasters anticipate a drastically improved model.
Before it was topped by later trading prices, the stock was up 1.2% at $134.91 in afternoon trade, beating its previous intraday high of $134.54 set on April 28, 2015.
Tuesday’s all-time high for the stock followed a record high close the day before and was seen as adding to the stock’s momentum. The company, based in Cupertino, Calif., reported stronger than anticipated December-quarter results on Jan. 31, but gave a cautious outlook for the current quarter.
Still, Wall Street anticipates revenue to grow this year after falling nearly 8% in fiscal 2016.
The S&P 500’s largest component is up 50% from lows in the first half of last year and 16% thus far in 2017. The index closed up 9.33, or 0.40% to 2,337.58.
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