Apple shares hits all time high: Read More

After the US Federal Reserve had maintained a hold on interest rates, a broader skeptical caught underway with assuming more investment and offers. In the same manner, Apple shares prices hit record highs in the US stock market. Apple shares jumped 1.7 percent ending the day at $197.96 a piece, surpassing the iPhone maker's previous record-high close of $196.45 on July 31. 

Apple's market capitalization increased to $3.08 trillion, keeping its tag as the world's most valuable company. The rally in Apple share price propelled the Dow Jones Industrial Average up 1.4 per cent to its record-high close since January 2022.

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Apple shares have surged 52 percent so far in 2023, making a major contribution to the Dow's 12 percent recovery over that time , and to the S&P 500'S 23 percent rally in the same period. The Dow jones Industrial Average jumped 512.3 points, or 1.4 percent to 37,090.24, while the S&P 500 rallied 63.39 points, or 1.37 percent to 4,707.09. 

Meanwhile, the US Fed kept the interest rates unchanged in the range of 5.25 percent to 5.50 percent accompanying a prediction of three rate cuts next year. The Fed Chair Jerome Powell - led Federal Open Market Committee also cut the median projection for interest rates at the end of 2024to the midpoint between 4.50 percent and 4.75 percent , signaling they now expect 75 basis points [bps] of cuts from the current levels next year.

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Apple Inc. is an American multinational technology company, headquarted in Cupertino, California. As of March , 2023,Apple is the world's largest company by Market Capitalization, and with US$394.3 billion the largest technology company by 2022 revenue.

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