Shares of Apple Inc. closed for the first time at an all-time high in more than a year on Monday.
Shares rose 1.6% to end the session at $183.79. This is the first time that shares closed at a new record high since January 2022, although they set a record during the launch day of the “Vision Pro” mixed reality freshness last week. Adding to yesterday’s gains, Apple stock is up 41% year-to-date, compared to a 35% gain for the Nasdaq 100.
The stock has often been a favorite of investors, regardless of market conditions. It was seen as a safe haven amid turmoil in the banking sector earlier this year, with investors picking up on its balance sheet strength, capital return and steady revenue streams as positives, while Apple’s recent results beat expectations and eased concerns about its growth prospects. In addition, investors were optimistic about the company’s plans to expand and revitalize its retail chain.
“Apple has a roadmap that people feel comfortable with, it has incredible cash flow, and you can’t do better than this incredible business model,” said Wayne Kaufman, chief market analyst at Phoenix Financial Services.
And “Apple” has the largest relative weight in the “S&P 500” index, as it represents 7.5% of the index, and the stock is close to achieving a historical valuation of $ 3 trillion, as the company’s current market value is $ 2.89 trillion.