Apple’s $1 Trillion Rally Hangs on Earnings Matching iPhone Optimism

Apple Inc. has been on a tear in the stock market over the past few months, as iPhone optimism powers the shares to record highs. Investors will get a sense of whether that enthusiasm was warranted when it reports earnings after the bell Thursday.

Since the beginning of August, Apple’s stock is up more than 30% and its market capitalization has risen from $3 trillion to $4 trillion. Shares were up 0.6% in afternoon trading Thursday.