Updated: Apple shares closed at a new all-time high of $331.50 Friday as part of a broad market rally fueled by a strong jobs report. Apple stock has now made up all of its coronavirus-induced losses — and then some.
AAPL fell as low as $224.37 on March 23 as the coronavirus-related shutdowns wreaked havoc on the United States economy. Less than 10 days earlier, Apple had temporarily shuttered all of its stores around the world except for those in China. The company had also revised its earning guidance due to the effects of COVID-19.
The coronavirus-related dip was one of the sharpest and most notable downturns in recent Apple history. In just around one month, Apple shed about $100 from its previous all-time high of $324.95.
The downward trend lasted until March 23 before things started picking up again. Overall, shares in Apple have rallied 11% this year. Apple started 2020 valued at approximately $300.
As with everything else in 2020, predicting where things go from here isn’t easy. Right now, coronavirus-related challenges seem to be declining. The supply chain in China is back up and running, while other countries are starting to pick up after lockdown. This month should give Apple fans reason to be optimistic with the (virtual) Worldwide Developers Conference. After that, look for anticipation to build toward the iPhone 12 — which should be the most significant iPhone upgrade since, at least, the iPhone X.
Meanwhile, Apple services continue to boom. Earlier this week, an analyst suggested that services could ultimately pushes Apple into $2 trillion territory.
There are still challenges ahead, however. Election uncertainty looms, while there’s every chance that tensions deepen between the U.S. and China. As a company that relies on both, that could hurt Apple.
Still, Friday’s new high-water mark for AAPL — up 2.85% today — showcases just how resilient the stock is. At present, Apple’s total market cap sits at $1.437 trillion. (Compare that to other tech giants: Amazon’s is $1.2 trillion, Alphabet’s is $978 billion, Facebook’s is $656 billion and Microsoft’s is $1.4 trillion.)