Apple Inc's stock market value ended a trading session above $3 trillion for the first time on Friday, lifted by signs of improving inflation and bets that the iPhone maker will successfully expand into new markets.
the Personal Consumption Expenditure price index advanced less in May than in April, reflecting progress in the Federal Reserve's fight against inflation.
Apple has surged 49% so far in 2023 in a rally by several of Wall Street's most valuable companies, fueled by bets that the Fed is nearing the end of its campaign of interest rate hikes, and by optimism about the potential for artificial intelligence.report in May showed revenue and profits fell but still beat analysts' expectations.
"It's a testament to one of the greatest publicly traded companies that's ever existed. It continues to grow and diversify its revenue streams, has shareholder-friendly management, buys back shares, throws off a dividend and has a fortress balance sheet with strong and defendable cash flows," said Art Hogan, chief market strategist at B. Riley Wealth.of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago.
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