Apple on Friday became the first U.S. company with a $3 trillion market valuation at the close of a trading session. AAPL stock has now gained gained 48% in 2023 as services combine with iPhone sales to drive growth.
On the stock market today, AAPL stock rose 2.3% to close at 193.97. To reach the $3 trillion milestone, Apple stock needed to close at 190.74 or higher.
In January 2022, the company touched the $3 trillion level in intraday trading. But Apple stock closed below the mark. Shares hit the $2 trillion mark on Aug. 20, 2020.
AAPL Stock Extended Amid Big 2023 Gain
"The Apple bears and skeptics continue to scratch their heads as many have called for Apple's 'broken growth story' this year in a tougher backdrop to which we firmly believe the exact opposite has happened," Wedbush analyst Daniel Ives said in a note to clients.
Apple's Relative Strength Rating stands at 89 out of a best-possible 99, according to IBD Stock Checkup. The best stocks tend to have an RS rating of 80 or better.
In addition, Apple stock owns an Accumulation/Distribution Rating of B-plus. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading.
With its big gain in 2023, AAPL stock is extended from a buy zone, according to IBD MarketSmith analysis.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
