Apple shares hit $300 for first time
Apple’s share price crossed the $300 threshold for the first time, as technology names continued to charge ahead on the heels of last year’s rally.
Shares in Apple closed 2.3 per cent higher to $300.35 on Thursday. The rise coincided with a broader advance on Wall Street on the first day of trading in 2020, following a move by the Chinese central bank to stimulate the country’s economy.
Apple’s advance also came as the company reached an agreement with former HBO chief executive Richard Plepler, who will produce video content for its new streaming service, Apple TV+.
Investors in the tech giant have recently enjoyed robust gains amid enthusiasm for Apple’s foray into streaming video subscriptions and fading concerns that iPhone demand was lagging. Apple was up 86 per cent last year, its best annual gain in a decade, after sliding more than 6 per cent in 2018. The S&P 500 rose about 29 per cent last year.
Apple remains the most valuable publicly traded company in the US with a market capitalisation of $1.33tn, ahead of Microsoft’s $1.23tn.
Apple’s stock hit $200 for the first time in August 2018, and shares have soared nearly ten-fold since 2009.
Jan. 3, 2020