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Apple’s stock surged to an all-time high on Monday after reports indicated that the company’s latest iPhone 17 series outperformed its predecessor in key markets. The rally pushed Apple’s market capitalization to $3.9 trillion, close to the historic $4 trillion mark, and helped lift major US indices closer to record highs.
Shares of Apple (AAPL) rose 3.94% to close at $262.24, after Counterpoint Research reported that iPhone 17 sales exceeded iPhone 16 figures by 14% in both the United States and China during the first 10 days of launch.
Analyst Mengmeng Zhang from Counterpoint credited the surge to strong value perception among buyers. “The base model iPhone 17 offers improved performance, better storage, and camera upgrades all at the same price point as last year’s model,” Zhang said, adding that promotional discounts have further fueled sales momentum.
The report prompted Loop Capital to upgrade Apple from Hold to Buy, citing strong demand. The investment firm raised its price target from $226 to $315 per share through 2027.
Apple’s robust start to the iPhone 17 cycle comes ahead of its quarterly earnings report next week, where analysts expect the company to post strong results. Evercore ISI maintained its bullish stance, noting that Apple’s recently launched iPhone Air sold out within minutes in China.
The reinstated optimism comes after Apple CEO Tim Cook visited China to meet with local government officials and attend the recent iPhone Air launch event. Analysts believe the trip reflects Apple’s ongoing commitment to the region amid intensifying competition from local smartphone makers.
Apple’s rally provided a significant boost to Wall Street. The S&P 500 rose 1.07% to 6,745.13, the Dow Jones Industrial Average advanced 515.97 points to 46,751.58, and the Nasdaq Composite gained 1.37% to 22,991.54, all moving within reach of their respective all-time highs.
Investors also found encouragement in stronger performances from the industrial and banking sectors. Cleveland-Cliffs soared 21.4% following news of a potential global partnership and rare-earth discoveries in the US, while regional banks rebounded from last week’s sell-off.
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Asian and European markets reflected Wall Street’s gains. Japan’s Nikkei 225 soared 3.4% on growing expectations of more fiscal stimulus, and China’s Shanghai Composite and Hong Kong’s Hang Seng Index were both modestly higher on stronger economic growth data.
With Apple taking the lead and global equities gaining traction, investors are hopeful that earnings growth and lower macro potential could keep the rise in equities going into the last quarter of 2025.
