The stock rose 3.2% and was on track for a seventh straight session in the green
Content of the article
Apple Inc. shares hit an all-time high on Monday amid their longest rally in months.
Advertising
This ad has not yet loaded, but your article continues below.
Content of the article
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.
Content of the article
“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.
Advertising
This ad has not yet loaded, but your article continues below.
Content of the article
-
![The Federal Reserve Building in Washington, DC on August 22, 2018.]()
Global corporate dividends set to hit record highs this year
-
![Jeff Bezos attends the Baby2Baby 10 Years Gala at the Pacific Design Center on November 13, 2021 in West Hollywood, California.,]()
Jeff Bezos donates $ 100 million to the Obama Foundation
-
![The biggest ETF trend over the past decade is one that has made few headlines, writes Tom Bradley.]()
The next big thing? Biggest ETF Trend of Decade Has Little Headlines
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
Advertising
This ad has not yet loaded, but your article continues below.
