Apple reaches record high close as Fed signals rate cuts

(Reuters) – Apple (NASDAQ:)’s stock reached a record high close on Wednesday, lifted in a broad Wall Street rally after the Federal Reserve signaled lower borrowing costs are coming in 2024.

Apple’s stock climbed 1.7% to end the day at $197.96 per share, beating the iPhone maker’s previous record high close of $196.45 on July 31.

The stock hit an intraday high of $198.00, shy of its intraday record of $198.23 on July 19.

The world’s most valuable company now has a market capitalization of $3.08 trillion.

U.S. stocks surged after the Fed held interest rates steady, with a near-unanimous 17 of 19 Fed officials projecting the policy rate will be lower by the end of 2024.

Apple’s rally on Wednesday also helped propel the up 1.4% to its first record high close since January 2022.

Apple’s shares have surged 52% so far in 2023, making a major contribution to the Dow’s 12% recovery over that time, and to the ‘s 23% rally in the same period.

(This story has been corrected to say ‘$197.96’ per share instead of ‘$179.96’, in paragraph 2)