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  • iPhone optimism blasts Apple stock to 2016 high

iPhone optimism blasts Apple stock to 2016 high


Apple's (AAPL.O) stock hit a 2016 high on Wednesday, with its market value peaking above $600 billion for the first time since April as Wall Street bet the technology company's newest iPhone would help shore up falling sales.

Fueled by U.S. wireless carriers' reports of strong early orders for the iPhone 7 as well as arch-rival Samsung Electronics' (005930.KS) widely-publicized recall of potentially exploding Galaxy Note 7 smartphones, shares of Apple rose as much as 4.7 percent to $113.03 for a gain of 10 percent in the past three days.

Its market capitalization reached nearly $607 billion, compared to $535 billion for Alphabet (GOOGL.O) and $440 billion for Microsoft (MSFT.O).


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