Home Financial Record Apple shares hit record high amid longest rally in months

Apple shares hit record high amid longest rally in months

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The stock rose 3.2% and was on track for a seventh straight session in the green

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Apple Inc. shares hit an all-time high on Monday amid their longest rally in months.

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The action rose 3.2% and was on track for a seventh straight session in the green, its longest such streak since July. The business has grown by more than 11% since November 11.

Stocks are enjoying a broadly positive session, with investors encouraged after President Joe Biden picked Federal Reserve Chairman Jerome Powell for a second term as head of the US central bank. Tech stocks in particular are among the biggest gainers, and the group is up 17% from its low in early October. The move reflects the rotation of investors in the sector, according to JC O’Hara, chief market technician at MKM Partners.

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“If managers are trying to chase the market until the end of the year, they do it through tech stocks,” O’Hara wrote in a November 21 memo. Looking at Apple, he wrote that “although the relative line is still sideways, we believe there is a possibility that this chart will continue to hit new highs in the weeks to come.

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Additionally, Microsoft Corp. rose 1.9% to an intraday high. The software giant is up more than 20% from a low in late September. Microsoft’s positioning in the market is “the best it has ever been,” Wells Fargo Securities wrote, adding that even with its recent gains, “we still see a bright future ahead.”

Over the past month, Apple and Microsoft have grown by more than 10%. The S&P 500 information technology sector index rose more than nine percent during this period, easily outpacing the gain of about four percent of the S&P 500 index.

Nvidia Corp. gained as much as five percent and jumped more than 72 percent from the October low, the latest example of how the chipmaker has become a game favorite for 2021.

Meta Platforms Inc., the company formerly known as Facebook, climbed 2.5%, putting the stock on track for its highest close since September. Recent gains have brought the company’s market valuation down to just under $ 1,000 billion, as it climbs back above $ 980 billion.

Bloomberg.com

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