Apple Shares Hit All-Time High Ahead of Developer Conference

Tiger Newspress2023-06-05

U.S. stocks were little changed on Monday as traders digested a broad-based rally that pushed the S&P 500 to its best week since March and its highest level since August.

Apple Inc's shares on Monday hit a record high for the first time in 17 months, as the stock got a boost ahead of its annual software developer conference where it is expected to launch a mixed-reality headset.

The world's most valuable listed company was last up 1.6% at $183.76 in early trading. The headset would be Apple's first big move into a new product category since the introduction of Apple Watch nine years ago.

Apple is among a handful of megacap tech-focused firms that have underpinned main stock indexes this year, as enthusiasm over advances in AI helps fuel a rally. Apple shares have jumped nearly 40% in 2023, compared with an 11.5% rise in the benchmark S&P 500.

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