Apple's shares are having their best winning streak since 2003
Key takeaways:
- Apple stock climbed for an 11th consecutive day on Tuesday, marking its longest winning line since 2003.
- The rally came alongside a broader market growth and positiveness about truce negotiations between Russia and Ukraine.
- Apple's market cap is approaching $3 trillion.
Apple's stock increased for the 11th consecutive day on Tuesday, marking the longest winning streak of the iPhone generation.
The firm's stock shut up 1.9%, tapping out its losses for the year. It's still almost 1.7% off its record close on Jan. 3, when Apple's market cap shot $3 trillion during the day. As of Tuesday, Apple was worth about $2.9 trillion.
The last time Apple's stock gained for at least 11 consecutive days was a 12-day streak in 2003, when the firm's fastest-growing product was the iPod music player. The first iPhone didn't beat the market until 2007.
Apple's rally comes alongside a broader market growth, with investors turning more upbeat about truce negotiations between Russia and Ukraine. On Tuesday, Apple's Big Tech counterparts also gained as Meta, Amazon, Netflix, and Alphabet all advanced.
"Apple is a bedrock of stability. Overall, the iPhone and services market is helping the stock power back towards the $3 trillion size code," Dan Ives, a critic at Wedbush Securities, noted.
While much of high-growth tech has gotten beaten this year, the big set names have typically held up better than money-losing firms.
Investors put their cash in less-risky assets with inflation overgrowing in 40 years and the Federal Reserve hiking interest rates.
"Once the Fed began its rate liftoff, this was a brilliant green light to own tech shares," said Ives, who suggests purchasing Apple shares. "This rally saw numerous investors off guard and now are playing catchup with Cupertino front and center."