Apple tops US$300 for first time as shares extend record high

Apple Inc. shares started the year on a positive note with a gain that pushed the stock above US$300 for the first time.

The iPhone maker rose as much as 2.3 per cent to a record US$300.26 a share amid a broader rally in technology stocks. Thursday’s gain was in stark contrast to the dismal start Apple had in 2019 when it cut its sales forecast for the first time in almost two decades exactly a year ago.

Despite the setback, Apple went on to outperform all other megacap technology stocks in 2019 with a gain of 86 per cent, its best year in a decade. Investors are optimistic about Apple’s performance during the holiday shopping season, its next generation of 5G capable phones expected in the fall, and its expanding portfolio of services such as music and Apple TV+.