Apple's shares set new closing high at $133.29

Shares of Apple set an all-time closing high this afternoon, with the stock winding up NASDAQ trading at $133.29. It was the highest close for the tech giant since February 2015 when the shares ended the trading day at $133. Investors now seem poised to take Apple above its all-time intra-day price of $134.54 which was set in April of 2015. Apple has been trending higher since November 14th, 2016 when it bottomed out for that day at $104.08.

Apple investors have been buying the stock well in anticipation of the new iPhone models expected to be unveiled this coming September. The premium 10th anniversary Apple iPhone 8 is expected to attract plenty of demand with its new look featuring a 5.8-inch (or perhaps a 5-inch) OLED screen covering the complete front of the phone. There is talk of sensors replacing the side buttons, and Touch ID is believed to be embedded under the front glass. Wireless charging will be a new feature available for the iPhone 8, which will carry a dual-camera setup on back.

The stock has also received ammunition for its run higher from Apple's fiscal first quarter earnings announcement. Released on the last day of January this year, the report noted that Apple had sold a record 78.3 million iPhone units in the three months from October through December. The stock is up $11.94 or 9.8% since the release of that earnings report. Helping out with today's gain of $1.17 (.89%) was a recommendation from Goldman Sachs. Analysts at the investment house hiked its target on Apple to $150 based in part on its increased confidence in a strong upgrade cycle for the iPhone this year.

Apple now has a market capitalization (share price multiplied by number of shares outstanding) of $698.89 billion. That makes it the highest valued company in the world.

source: CNBC

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