Shares of Apple reached a record of $600 briefly today as the market anticipated strong sales of the, which will be .
Shares rose 1.8 percent to reach $600 early this morning but then retreated and closed at $585, giving the company a market valuation of more than $550 billion. This historic move comes one month after Apple stock hit $500. Shares were at $403 the day before Christmas and have been rising steadily for the past three years.
A handful of analysts increased their estimates on Apple's share price this week, citing the company's dominance in the tablet market, along with strength in the smartphone market and growth in desktops and laptops. For example, Piper Jaffray analyst Gene Munster raised his price target on Apple shares to $718 from $670 and now expects the stock to climb above $700.
Fueled by record sales of the iPhone, Apple posted its--earnings of $46.33 billion and profits of $13.06 billion.
Apple - USE TAG
reading•Apple shares hit $600 ahead of new iPad release
Oct 16•Apple fattened up its bagel emoji and now people are happy
Oct 16•What is a smart display and do you need one?
Oct 16•iPhone XS vs. Pixel 3: Which phone has the best camera?
Oct 16•Huawei Mate 20 vs. Pro vs. iPhone XS vs. Pixel 3 vs. Galaxy S9