Shares of mega-cap tech companies rose on Monday, with the group extending strong 2020 advances. Apple gained as much as 3.6%, putting the company within striking distance of an intraday record, as well as on track for an all-time closing high ($137.98, set on September 2, 2020).
The stock has risen about 85% thus far this year, and it is poised to close out its second straight year with a gain above 80%.
The stock is up nearly 25% since the start of November, with recent gains coming on a report that Apple plans to build a self-driving car and is targeting 2024 to produce the vehicle. In a note published Dec. 27, Piper Sandler wrote that an electric-vehicle revenue stream “could add another leg of growth in addition to a higher multiple” for Apple.
The S&P 500 Information Technology Index rose 1.2% to touch an intraday record. The Nasdaq-100 Index rose 0.9% on Monday, roughly in line with an 0.8% gain of the S&P 500, which hit an all-time high. Broader markets got a boost after President Trump signed a $2.3 trillion COVID-19 relief and government funding package.
MacDailyNews Take: Onward, Cupertino soldiers!