Apple stock rallied to a new all-time intraday record high on Tuesday, continuing a year-end surge that’s cemented the company’s lead over Amazon as 2020’s best-performing Big Tech stock. Investors gained optimism from President Donald Trump’s signing of the latest coronavirus stimulus package. So far, Apple has gained 87% this year and is set to close out a second straight year with a gain above 80%.
Apple has advanced 16% in December amid signs of strong demand for its iPhone 12 models and optimism about its self-driving car efforts. The gains propelled Apple past Amazon with an 87% rally in 2020 compared to Amazon’s 79% increase. The S&P 500 is up 16% this year.
Wall Street has grown increasingly bullish on Apple’s prospects in the coming year with analysts projecting that a recovering economy will fuel even more demand for iPhones, wearables such as Airpods and services. Apple’s revenue growth is expected to increase to 15% in fiscal 2021 from 6% in 2020, and profit growth is projected to double to 20%, according to data compiled by Bloomberg.
MacDailyNews Note: Very close to the open, Apple stock surged to its new all-time record high of $138.79 before settling near its previous close during morning trading.