Apple Stock Soars 5%... Approaching $500 Per Share Milestone

S&P 500 and Nasdaq Reach Record Highs Side by Side

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market continued its record-high streak once again. The strong performance of the leading stock Apple drove the overall market rise.

On the 21st (local time), the Dow Jones Industrial Average rose 190.60 points (0.69%) to close at 27,930.33, the S&P 500 index increased by 11.65 points (0.34%) to 3,397.16, and the Nasdaq index rose 46.85 points (0.42%) to 11,311.80, respectively.

On this day, both the S&P 500 and Nasdaq recorded all-time highs. The weekly gains were similar to the previous week for the Dow Jones, with the S&P 500 rising 0.72% and the Nasdaq increasing 2.65%.

The economic indicators released that day strongly suggested a broad recovery in the U.S. economy.

Market research firm IHS Markit reported that the U.S. composite Purchasing Managers' Index (PMI) for August was 54.7, the highest since February last year. A PMI above 50 indicates economic expansion.

The manufacturing PMI was 53.6, higher than the previous month's final figure of 50.9, and the services PMI was 54.8, exceeding the market expectation of 51.0.

The National Association of Realtors (NAR) announced that existing home sales in July increased by 24.7% compared to the previous month, marking the highest growth rate for two consecutive months and indicating a recovery in the housing market.

Apple, which surpassed a market capitalization of $2 trillion for the first time in history, closed up sharply by 5.15% at $497.48. During the session, it also reached $499.47, signaling that a $500 per share breakthrough is imminent.

Daniel Ives, an analyst at Wedbush Securities, set a target price of $515 for Apple stock but also suggested that in the best-case scenario, it could reach $600. He predicted that Apple would experience a 'super cycle' with the launch of the iPhone 12.

October delivery West Texas Intermediate (WTI) crude oil closed down 1.1% ($0.48) at $42.34 per barrel. Gold closed up 0.03% ($0.50) at $1,947 per ounce.

This content was produced with the assistance of AI translation services.