Key Points
Apple Inc. is on pace to close at a record high ahead of its most significant product launch event in nearly a decade, after benefiting from a broader rotation back into technology stocks...
The gain would extend Apples year-to-date rally of 39%, a remarkable turnaround for a stock that sank to a 19-month low in the first trading days of the year..
The stock has risen consistently throughout 2023, with investors viewing it as a safe haven in periods of economic risk or uncertainty given the strength of its balance sheet, its capital-return program, and its durable revenue streams..
Even with how much it has risen, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products," said Devon Drew, chief executive officer of DFD Partners..
Apples ascent follows Nvidia Corp. soaring in 2023 on optimism surrounding artificial intelligence, briefly driving the chipmaker above the $1 trillion market value level..
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