Apple tops $3 tn in market value as US stocks rally

AFP , Friday 30 Jun 2023

Wall Street stocks advanced early Friday following the latest moderation in US consumer inflation as Apple powered above $3 trillion in market valuation.

File Photo: A new MacBook Airs sits on display inside the Steve Jobs Theater during the Apple Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California on June 6, 2022 . AFP


The personal consumption expenditure index measure of inflation, which is closely watched by the US Federal Reserve, eased to 3.8 percent year-on-year in May, a significant drop from 4.3 percent a month earlier.

The data comes on the heels of other upbeat economic reports this week on first-quarter growth and consumer confidence, adding to hopes the US economy can avoid a recession.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.6 percent at 34,330.70.

The broad-based S&P 500 gained 1.0 percent to 4,440.59, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 13,779.30.

Apple jumped 1.4 percent to overtake $3 trillion in market value. The tech giant also briefly reached the benchmark in January 2022, but it has never finished a trading session above that level.

Nike fell 2.1 percent after it reported lower earnings than expected due to elevated freight and logistics costs and the drag from discounted merchandise.

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