Apple Inc shares rose for a fourth straight session on Thursday, with the iPhone maker hitting its highest level since October as investors continued to feel bullish about the company\u2019s recent product event.<\/p>\n
Shares gained as much as 1.3% on the day and have risen nearly 17% off a low hit in August. The rally puts the company less than 3% below a record close hit in October 2018.<\/p>\n
With the day\u2019s move, Apple further expanded its market capitalization above the $1 trillion threshold. When Apple closed in the 13-digit club on Wednesday, that was the first time it had done so this year.<\/p>\n
At current levels, Apple has a valuation of about $1.02 trillion, putting it slightly under Microsoft Corp, the largest publicly traded US stock, with a valuation of $1.05 trillion.<\/p>\n
Microsoft has consistently had a valuation above $1 trillion ever since early June, and it has been larger than Apple since late April.<\/p>\n
At its product event earlier this week, Apple unveiled new versions of its iPhone that were cheaper than had been expected, along with arcade and video-streaming services that were also seen as inexpensive.<\/p>\n
Bloomberg Intelligence wrote that the iPhone price was \u201clikely to aid unit growth,\u201d while the Apple TV+ service \u201cmay attract new users and draw existing ones more deeply into Apple\u2019s ecosystem.\u201d<\/p>\n