Apple's stock surges above $400 for the first time, adding over $95 billion to its market cap

Business news

Shares of Apple Inc. charged 5.8% higher in morning trading Friday to climb above the $400 level for the first time ever, in the wake of the technology behemoth’s blowout earnings report. The stock has reached an all-time intraday high of $412 after the open before paring some gains. The current price gain is adding about 151 points to the Dow Jones Industrial Average’s price, while the Dow is up just 49 points. The price gain is also adding $95.22 billion to Apple’s market capitalization, as the company extends its lead as the most valuable U.S. company with a market cap of $1.76 trillion. No less than 20 analysts surveyed by FactSet have raised their stock price targets, with the highest of $480 now belonging to D.A. Davidson’s Tom Forte. The average price target is now $397.65, which is 2.3 below current levels. The stock has now run up 38.6% year to date, while the Dow has lost 7.6%.


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