Apple reaches record high close as Fed signals rate cuts
2023.12.13 18:06
© Reuters. FILE PHOTO: A person is silhouetted against a logo sign of the Apple Store in the Grand Central Terminal in the Manhattan borough of New York City, New York, U.S., January 4, 2022. REUTERS/Carlo Allegri
(Reuters) – Apple (NASDAQ:)’s stock reached a record high close on Wednesday, lifted in a broad Wall Street rally after the Federal Reserve signaled lower borrowing costs are coming in 2024.
Apple’s stock climbed 1.7% to end the day at $179.96 per share, beating the iPhone maker’s previous record high close of $196.45 on July 31.
The stock hit an intraday high of $198.00, shy of its intraday record of $198.23 on July 19.
The world’s most valuable company now has a market capitalization of $3.08 trillion.
U.S. stocks surged after the Fed held interest rates steady, with a near-unanimous 17 of 19 Fed officials projecting the policy rate will be lower by the end of 2024.
Apple’s rally on Wednesday also helped propel the up 1.4% to its first record high close since January 2022.
Apple’s shares have surged 52% so far in 2023, making a major contribution to the Dow’s 12% recovery over that time, and to the ‘s 23% rally in the same period.
