Apple shares continue to rise as the company continues to eye a $3 trillion USD valuation.
Apple, whose shares serve as a real-time proxy for risk sentiment toward the pandemic, is near a $3 trillion USD market capitalization as the shares continue to hit new records this month.
The record AAPL highs keep coming, with yesterday’s closing value of $180.33 USD the fifth time the stock has broken a new record this month alone, with new records also being set on December 6, 7, 8, 10, and 27. This follows six records last month.
For Apple to hit the $US3 trillion market cap, its share price would need to reach $182.86 USD. It was down less than one percent on Tuesday, at about $180 USD.
According to PED30, a so-called “Santa Claus” rally could very well see Apple hit the big three. Investopedia explains the concept of the market phenomenon:
A Santa Claus rally describes a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.
There are numerous explanations for the causes of a Santa Claus rally including tax considerations, a general feeling of optimism and happiness on Wall Street, and the investing of holiday bonuses. Another theory is that some very large institutional investors, a number of which are more sophisticated and pessimistic, tend to go on vacation at this time, leaving the market to retail investors, who tend to be more bullish […]
Amid thin volume, the stock market has posted broad gains this week, so attaining the next trillion-dollar threshold is certainly within reach.