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Apple Shares Surge to Record High as Rally Picks Up Steam.

Apple Inc. soared to a new high on Wednesday, boosted by confidence about the company's second-half growth prospects.

It gained 1.8 percent to close at $144.57, breaking its January high, as some Wall Street analysts predicted a larger advance over the next six months, citing rising iPhone sales. It gained for the seventh day in a row, we've had the longest winning streak since April,  boosting its market capitalization to $2.4 trillion. Its stock is still trading marginally below an intraday high of $145.09 established in January.

“Over the last month, Apple has really woken up, and its business prospects are quite favourable in the short term,” said David Katz, chief investment officer at Matrix Asset Advisors.

                                                    

Its stock has risen roughly 9% this year, underperforming the double-digit increases of other megatech companies, as investors awaited more information on its growth prospects while its contemporaries announced positive improvements in their core businesses. The S&P 500 Index has increased by 16 percent, with Apple accounting for 6.2 percent of the total.

After behind their tech counterparts and the broader market in the first half of this year, JPMorgan advised investors to buy Apple stock. In a study released on Tuesday, analyst Samik Chatterjee stated, "It's time to start purchasing again." On a solid volume estimate for the iPhone 12 series and strong expectations for the next iPhone, the tech giant's stock is projected to make a comeback in the second half, he added.

Although the FAANMG group's surge has been slowed by the shift out of growth stocks and into value stocks earlier this year, some members of the FAANMG group are still performing well. After just joining Apple, Microsoft Corp. is up 26% in 2021 as one of only two publicly traded firms in the United States with a market capitalization of more than $2 trillion. This year, Amazon.com Inc. has increased by approximately 14%, while Alphabet Inc. has increased by 44%, and Facebook Inc. has increased by around 28%. The Nasdaq 100 Index has increased by 15%.

“In the early half of the year, there was a bit of a halt as the market cycled into value names that had been written off and looked attractive,” said Wayne Kaufman, chief market analyst at Phoenix Financial. Some tactical money has gone away from Apple and toward energy stocks, but I believe that trend has peaked.”

Apple's third-quarter earnings are scheduled to be released later this month.

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