Apple has again broken its all-time high, with its market capitalization nearing $3.7 trillion.
On Wednesday, Apple achieved a record high on the New York Stock Exchange, closing at $243.01, up 0.15% from the previous trading day. This is the highest price in its history. As a result, Apple’s market capitalization swelled to $3.673 trillion, approaching $3.7 trillion.
Earlier Monday, Apple also hit an all-time high, rising 0.95% to $239.59.
Apple has recently been breaking records one after another, driven by the ongoing rally in U.S. tech stocks.
The rally in big tech stocks continued on Wednesday, fueled by comments from Federal Reserve Chair Jerome Powell.
At The New York Times DealBook Summit, Powell said that the U.S. economy is in a powerful position and noted that the Fed can adopt a more cautious approach to interest rate cuts.
Powell’s statement implied that the central bank is in no rush to lower rates, which typically would be bearish for stocks. However, investors focused on Powell’s optimistic assessment of the economy’s strength.
As a result, Apple hit another all-time high, and other big tech stocks, including Amazon, rallied to record levels.