Apple Inc. shares rose on Tuesday, with the iPhone maker returning within striking distance of record levels as optimism grew that the company’s newest iPhone models were seeing strong demand.
Shares rose as much as 1.9%, easily outperforming the broader S&P 500 information technology sector, which was down 0.5%. The gain was just the latest move higher for Apple, which is up more than 17% from an August low and surging nearly 60% from a January low.
At current levels, the stock is about 2.5% below an all-time closing high that was reached about a year ago.
The latest optimism came after positive comments from Chief Executive Officer Tim Cook, who spoke with the German newspaper Bild in an article dated Sept. 30. Cook, according to a translated version of the article, said that sales of the iPhone 11 had seen a “very strong start,” and that he “couldn’t be happier” with the launch.
MacDailyNews Take: Apple’s market cap is currently $1.015 trillion.
As we wrote earlier today, Apple’s all-time intraday high was set on October 3, 2018 at $233.47. Apple all-time closing high was set the same day at $232.07. Apple’s 52-week low was $142.00 set on January 03, 2019. The next morning, prior to market open, we wrote:
If you can spot overreactions in the market, you can profit from them. — MacDailyNews, January 4, 2019
Apple shares are up $86.84 in the past nine months.