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Bloomberg
Apple Inc shares rose for a fourth straight session, with the iPhone maker hitting its highest level since October as investors continued to feel bullish about the company’s recent product event.
Shares gained as much as 1.3 percent on the day and have risen nearly 17 percent off a low hit in August. The rally puts the company less than 3 percent below a record close hit in October 2018.
With the day’s move, Apple further expanded its market capitalisation above the $1 trillion threshold. When Apple closed in the 13-digit club on Wednesday, that was the first time it had done so this year.
At current levels, Apple has a valuation of about $1.02 trillion, putting it slightly under Microsoft Corp, the largest publicly traded US stock, with a valuation of $1.05 trillion.
Microsoft has consistently had a valuation above $1 trillion ever since early June, and it has been larger than Apple since late April.
At its product event, Apple unveiled new versions of its iPhone that were cheaper than had been expected, along with arcade and video-streaming services that were also seen as inexpensive.