Apple has hit a new all-time high valuation as shares rose 1.7% to hit $234.09. That gives Apple a market cap of $1.058 trillion. Talk about valuable!
It comes as investors expected top level trade talks between the US and China to result in a partial deal. At the very least, people are expected planned tariffs on products, including the iPhone, to be delayed.
President Donald Trump has said that trade negotiations are going well. Discussions with Chinese Vice Premier Liu He are entering their second day.
“Over the last couple of months, we have seen firms taking a hit from the uncertainty around trade and markets will be looking for any clues to remove that uncertainty,” said Scott Brown, chief economist at Raymond James. “It is still going to be a one step forward, two steps backward tone with the talks, but there are hopes of a de-escalation.”
Apple is pretty darn valuable
While today is a new all-time high for Apple, however, it’s worth noting that the price of individual shares has previously been higher. The highest valuation for a single AAPL share was $705, which Apple hit in September 2012. But Apple’s stock split 7-to-1 in 2014. That theoretically means that those pre-split stocks would now be worth more than $1,600 each.