Apple CEO Tim Cook will deliver the keynote address at the 2020 Apple Worldwide Developers Conference at the Steve Jobs Theater in Cupertino, California, June 22, 2020.
Brooks Kraft | Apple Inc. via Reuters
The blistering rally that pushed Apple’s market value above $ 2 trillion this week shows no signs of slowing.
Shares of Apple jumped 4% again Friday after a session high of $ 493.59, bringing its weekly gains to nearly 7%. The tech giant made Wall Street history on Wednesday by becoming the first U.S. company to ever hit a $ 2 trillion market cap. The market value will end the week at $ 2.1 trillion.
This week’s strong performance came ahead of its planned 4-for-1 action split at the end of this month. The share price is set to fall to around $ 123 and Apple investors will receive three additional shares for each they already have. Apple said the move is to “make the stock more accessible to a wider base of investors.”
Apple played a key role in lifting the broader market out of its deep coronavirus route. The tech giant has had the biggest point impact on the S&P 500 this year, pushing the broad benchmark benchmark back to a record high. It is also a powerhouse for the 30-stock Dow Jones Industrial Average, adding more than 1,200 points to the 2020 average as the stock more than doubled from its lowest March.
The meteoric rise this year is largely attributed to its strong earnings, optimism against its 5G cycle, as well as investors’ embrace of its megacap security amid the unusual unrest.
Some analysts said the juggernaut has reached a special status, becoming almost a market as an asset class, as investors buy it for both growth and security.
Sign up for CNBC PRO for exclusive insight and analysis, and programming for live workdays from around the world.
.
