Apple stock hits new high

Apple shares closed at a record high on June 12, showing that the tech giant is regaining its market leadership position.

At the close of trading on June 12, Apple shares rose 1.6% to $183.79. This is the first time the code has reached a new peak since January 2022. Last week, after launching Vision Pro glasses, Apple shares also hit a record, but could not maintain it until the end of the session.

Apple shares have risen 41% since the start of the year, outpacing the 35% gain in the Nasdaq 100 Index. The stock has remained popular despite market conditions, and was seen as a safe haven during the banking turmoil earlier this year.

Apple stock performance over the past three years. Chart: Bloomberg

Investors are positive about Apple’s strong balance sheet and steady revenue streams. Apple’s recent results have also topped forecasts, easing concerns about its growth prospects. Investors are also optimistic about the company’s plans to expand and revive its retail chain.

"Apple has a roadmap that many people like. They have great cash flow and a great business model. We're seeing a lot of investors come back into the market. Apple is just one of those stocks that they feel comfortable owning, whether it's up or down, because they're confident it's going to make money over the long term," explained Wayne Kaufman, a market analyst at Phoenix Financial Services.

Apple’s gains will also support the broader market. Apple is now the largest company on Wall Street, with a market capitalization of $2.89 trillion. Apple previously reached a historic market capitalization of $3 trillion.

Ha Thu (according to Bloomberg)

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