Apple shares increased steadily for the 11th consecutive day, marking its longest winning streak since 2003. As of Tuesday, the makers of the iPhone had wiped out its losses of the year, and the company was worth around $2.9 trillion. The stock closed up 1.9% by the time the market closed.
The remarkable winning streak comes alongside a broader market gain as investors start to feel optimistic about the ceasefire negotiations between Russia and Ukraine. Stocks of other Big Tech companies like Meta, Netflix and Amazon also saw a rise in stocks.
Apple’s longest streak since 2003
It was in 2003 when Apple had a similar rise in stocks for 12 consecutive days—with iPod being the fastest-growing product of the company.
The tech giant had a rocky start since the beginning of the year. With the ongoing risk of inflation on rates and increasing Federal Reserve interest rates, investors are now turning toward less-risky assets. A rise in the stock market during such time is a good sign for the company.
