Apple's shares soar as Wall Street's rate cut frenzy approaches $3 trillion
PUBLISHED
2023-12-14
Content
Another $US3 trillion day for Apple as the rate cut frenzy on Wall Street pushed the iPhone maker’s shares close to a record $200.
The shares reached a record high close on Wednesday, closing 1.7% higher at $US197.96.
Apple's previous record closing high of $US196.45 was on July 31; it then plunged to a low of just over $US166 in the big sell-off in September and October before rebounding from early November.
The stock hit an intraday high of $198.00 on Wednesday, just shy of its intraday record of $US198.23 on July 19.
The world's most valuable company now has a market value of $US3.08 trillion.
Apple's shares have surged 52% so far in 2023, making a major contribution to the Dow's 12% recovery over that time, and to the S&P 500's 23% rally.
Shares in Apple’s biggest single shareholder, Berkshire Hathaway, rose more than 1% on Wednesday for the A-class securities to end at $US555.00 each.
That’s up more than 18% year to date, well behind the S&P’s 23% gain.
2023 looks like ending up being a year of relative underperformance for Berkshire, even though it was slightly ahead at June 30.
Author
| Name | Glenn Dyer | Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey. |