The U.S. stock market on Monday had an historic rally in which Apple stock played a significant role, having an historic day itself. Shares of the Cupertino Colossus surged 9.3%, the stock’s largest single day move in more than 11 years.
The $24.45 per share gain contributed 172 points to the Dow Jones Industrial Average’s 1,296 point gain. Apple closed the day at $298.91, after trading as high as $301.44 during the day’s session.
Apple’s rally boosted the company’s market value by $111 billion—that’s just slightly shy of the current valuation of IBM. Apple’s market capitalization now stands at $1.3 trillion.
Apple shares have been under pressure… due to a combination of coronavirus-related supply chain and demand issues in China… [however] many analysts think that Apple is only seeing demand delays, rather than demand destruction, with no fundamental changes to the company’s long-term outlook.
MacDailyNews Take: Apple stock’s historic day is great and everything, but we’re still quite a bit shy of Apple’ all-time high of $327.85 set on January 29, 2020. We expect more volatility in Apple and the market as a whole as the COVID-19 coronavirus works its way around the world. Imagine Warren Buffett’s on-paper gains from Apple today!