Apple's stock surged nearly almost 5 per cent on Friday (May 5), hitting a nine-month high and on track for its biggest one-day gain since November after the iPhone maker's quarterly results cheered investors worried about a potential recession. The rally in Apple's shares buoyed optimism across Wall Street, helping lift the S&P 500 and Nasdaq over 1 per cent...
A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York City, US, on April 14, 2023.Apple's stock surged nearly almost 5 per cent on Friday , hitting a nine-month high and on track for its biggest one-day gain since November after the iPhone maker's quarterly results cheered investors worried about a potential recession.
"Apple soothed the market because of its consistency of execution. Tim Cook has a steady hand on the helm," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. The world's most valuable company reported lower revenue and profits for the quarter ending April 1, but still beat analysts' expectations. With Apple's results helped by emerging markets like India, executives said gross profit margins for the current quarter would be better than forecast.
Last trading at US$173.48, the Cupertino, California company's shares were set to log their biggest one-day gain since Nov 30. They were just short of a peak of over US$176 last August.
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