Apple saw its market value soar nearly $191 billion in a single day — a record for a US-listed company
- Tech giant Apple's market value soared a record $190.9 billion on Thursday, per Bloomberg.
- Its market cap skyrocketed to $2.34 trillion, thanks to Apple's shares soaring 9% amid a broader rally.
That's thanks to a market rally, which skyrocketed Apple's market capitalization to $2.34 trillion.
Shares of Apple — now the world's most valuable company — closed 8.9% higher at $146.87 on Thursday alongside a broader stock market surge. The surge was fueled by data which showed US inflation cooled in October, and stoked hopes that the Federal Reserve would slow its pace of interest rate hikes.
But despite Thursday's rally, it's been a brutal year for tech stocks which have been battered by rising inflation, rising interest rates, and uncertainty from the Ukraine war.
The tech-focused Nasdaq 100 index closed 7.5% higher on Thursday, but is still 29% lower this year so far.
Though the iPhone maker's share price is down 17% this year, it has still outperformed its Big Tech peers thanks to its better-than-expected fourth-quarter earnings on October 27. Analysts told Insider's Theron Mohamed that Apple's powerful branding and wealthy customers are supporting the company.
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