Apple jumps 4% to close big week for $ 2 trillion stock

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Apple CEO Tim Cook delivers the keynote address at the 2020 Apple Global Developer Conference at the Steve Jobs Theater in Cupertino, Calif. On June 22, 2020.Brooks Kraft | Apple Inc. via Reuters

The meteoric rally that has pushed Apple’s market value to over $ 2 trillion this week shows no signs of slowing down.Apple shares jumped 4% to a high of $ 493.59 on Friday, bringing its weekly gains to nearly 7%. The tech giant made Wall Street history on Wednesday by becoming the first U.S. company to achieve a market cap of $ 2 trillion. Its market value will end the week at $ 2.1 trillion.

This week’s strong performance preceded its expected 4-to-1 stock split at the end of the month. Its share price is expected to drop to around $ 123, and Apple investors will receive three more shares for each. Apple said the move was aimed at making “the stock more accessible to a broader base of investors.”

Apple was instrumental in pulling the wider market out of its deep coronavirus rout. The tech giant had the biggest one-time impact on the S&P 500 this year, pushing the benchmark of equities to an all-time high. It’s also a powerhouse for the 30-stock Dow Jones Industrial Average, adding more than 1,200 points to the 2020 average as the stock more than doubled from its March low.

Its meteoric rise this year is largely attributed to its strong earnings, optimism for its 5G cycle, as well as investor adoption of its mega-cap security amid the unprecedented turmoil.

Some analysts have said the juggernaut has achieved a special status, almost becoming a market or an asset class in its own right, as investors buy it for both growth and security.

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