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Apple Hits Record After December Surge Sends It Past Amazon

  • The iPhone maker has rallied 13% in the month of December
  • Economic recovery expected to boost device and services sales
Updated on

Apple Inc. shares briefly rallied to an intraday record on Tuesday, continuing a year-end surge that’s cementing its lead over Amazon.com Inc. as 2020’s best performer among the largest technology stocks.

Apple has advanced 13% 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 84% rally in 2020 compared to Amazon’s 80% increase. The S&P 500 is up 15% this year.