(Reuters) - Apple Inc's (AAPL.O) stock market value ended a trading session above $3 trillion for the first time on Friday, lifted by signs of improving inflation and bets that the iPhone maker will successfully expand into new markets.
Shares of the world's most valuable company jumped 2.3% to $193.97, giving it a market capitalization of $3.05 trillion, Refinitiv data showed.
It was Apple's fourth straight record high close
Reuters Graphics Reuters Graphics
The Cupertino, California company's market capitalization briefly peaked above $3 trillion in intraday trading on Jan. 3, 2022 before closing the session just below that mark.
Heavyweight growth stocks including Apple, Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O) rose sharply after a Commerce Department report showed the Personal Consumption Expenditure price index advanced less in May than in April, reflecting progress in the Federal Reserve's fight against inflation.
Apple has surged 49% so far in 2023 in a rally by several of Wall Street's most valuable companies, fueled by bets that the Fed is nearing the end of its campaign of interest rate hikes, and by optimism about the potential for artificial intelligence.
Apple's most recent quarterly report in May showed revenue and profits fell but still beat analysts' expectations. Along with a steady track record of stock buybacks, the financial results reinforced its reputation as a safe investment at a time of global economic uncertainty.
https://www.reuters.com/technology/apples-market-value-breaches-3-trillion-mark-again-2023-06-30/
