Apple Soars $3trn in Market Value As US Stocks Rally
Following the most recent easing of US consumer inflation, Wall Street equities rose early on Friday as Apple’s market valuation surpassed $3 trillion.
The US Federal Reserve’s preferred inflation indicator, the personal consumption expenditure index, decreased significantly from 4.3 percent in April to 3.8 percent in May.
The statistic adds to hopes that the US economy can avoid a recession by following other positive economic figures this week on first-quarter growth and consumer confidence.
The Dow Jones Industrial Average was up 0.6 percent at 34,330.70 after about 20 minutes of trading.
The tech-heavy Nasdaq Composite Index increased 1.4 percent to 13,779.30 and the broad-based S&P 500 rose 1.0 percent to 4,440.59.
Apple increased 1.4 percent, pushing its market worth beyond $3 trillion. Although it briefly surpassed the milestone in January 2022, the IT behemoth has never ended a trading session above that mark.
After reporting lower earnings than anticipated due to higher freight and logistics costs as well as the impact from discounted products, Nike’s stock dropped by 2.1 percent.
