Apple’s stock reached a new record high close on Wednesday, with the surge being fueled by the US Federal Reserve’s indication of lower borrowing costs in 2024.
Apple’s stock rose by 1.7% to finish the day at $197.96 per share, surpassing its previous record high close of $196.45 on July 31.
Although it fell just short of its intraday record of $198.23 on July 19, the company now boasts a market capitalization of $3.08 trillion. The Federal Reserve’s decision to keep interest rates steady resulted in a surge in US stocks, with 17 out of 19 officials projecting a lower policy rate by the end of 2024.
Apple’s rally also contributed to the Dow Jones Industrial Average’s 1.4% increase, leading to its first record high close since January 2022.
So far in 2023, Apple’s shares have soared by 52%, playing a significant role in the Dow’s 12% recovery and the S&P 500’s 23% rally during the same period.
