Apple’s stock surges toward biggest 6-day rally in 9 years

Bloomberg News
Apple CEO Tim Cook and dancer Maddie Ziegler .

Apple Inc.’s stock is running higher at the fastest pace in over nine years, as investors continue to reap the rewards of better-than-expected earnings and an endorsement from famed value investor Warren Buffett.

The stock  shot up $1.93, or 1.1%, to $185.76 in midday trade Monday, to climb above Friday’s all-time intraday high of $184.25, and head toward its sixth straight gain. The stock got a 4.4% lift last Wednesday, after Apple reported fiscal second-quarter profit and revenue that beat expectations, and a further 3.9% boost on Friday, after Buffett said he bought 75 million more Apple shares during the first quarter.

A sixth straight gain would be the longest win streak since the six-session streak ended Sept. 1, 2017. The stock has soared 14.4% during the current streak, which would mark the biggest six-session gain since it rocketed 14.5% during the six days ended March 18, 2009, as the stock extended its bounce off bear market lows.

Apple shares have climbed 9.8% year to date, while the technology-heavy Nasdaq 100 Index  has advanced 6.7% and the Dow Jones Industrial Average of which Apple is a component, has slipped 1.2%.

FactSet, MarketWatch

With 4.915 billion shares outstanding as of April 20, according to the latest quarterly filing, Apple is currently the most valuable U.S. company with a market capitalization of $913.04 billion.

For Apple to reach the much-anticipated $1 trillion valuation goal, the stock would have to close above $203.45, which is $17.69, or 9.5%, above current levels.

Others in line for the trillion-dollar mark are second-place Amazon.com Inc. at $775.95 billion, according to FactSet, followed by Microsoft Corp.  at $741.04 billion and Google parent Alphabet Inc.  at $737.02 billion.