Apple Hits Record High While Big Tech Stocks Rally
- Shares surpass July high, putting market cap at $3.08 trillion
- Revenue seen growing again in 2024 after falling this year
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Apple Inc. shares closed at a record high on Wednesday amid a broad rally in technology stocks spurred on by bets that the Federal Reserve will soon begin cutting interest rates as inflation slows.
The iPhone maker’s shares climbed 1.7% to $197.96, surpassing its previous closing record set in July. The gain leaves the stock up 52% for the year, for a market capitalization of about $3.08 trillion, cementing Apple’s position as the world’s most valuable company.