Stocks soar to nine-month high on Apple’s performance

Apple shares surged nearly 5% on Friday to a nine-month high, the biggest day since November after the iPhone maker’s quarterly earnings cheered investors worried about a potential recession. is progressing steadily toward an increase in

(Graphic: Apple surges as Tim Cook stays at the helm – https://fingfx.thomsonreuters.com/gfx/mkt/zdvxdgxddvx/Pasted%20image%201683306123687.png)

The rise in Apple shares fueled optimism across Wall Street, sending the S&P 500 and Nasdaq up more than 1.5%. After CEO Tim Cook’s results late Thursday highlighted the resilience of corporate earnings in the quarterly reporting season, so far not as bad as expected. .

“Apple calmed the market with its consistency of execution,” said Jake Dollarhyde, CEO of Longbow Asset Management in Tulsa, Oklahoma. I’m at the helm,” he said.

“Investors in uncertain times want certainty, and like Microsoft, Apple is getting as close to certainty as possible,” Dollarhide added.

The world’s most valuable companies reported lower revenues and profits for the quarter ending April 1, but still beat analyst expectations. Apple’s performance has been buoyed by emerging markets such as India, and management said it expects gross margins to be better than expected this quarter.

Apple’s market capitalization increased by more than $100 billion to nearly $2.7 trillion, surpassing the world’s second most valuable company, Microsoft at $2.3 trillion.

The Cupertino, Calif. firm’s last trade was $173.48, set to record its biggest one-day gain since Nov. 30.

Apple’s stock has recovered almost 40% from its January close and is only 4.7% below its January 2022 high. By comparison, the S&P 500 remains down 15% from its record close. Also in January 2022.

At least 13 analysts raised their stock price targets for Apple after the report, with the median target rising to $180 from $170 before the report, according to Refinitiv data.