Apple’s stock closed at an all-time high on Monday after extended periods of revenue drops last year. Investors appear to be betting on what Apple will do for the 10th anniversary of the iPhone, such as the expected release of the iPhone 8 at the end of the year.
Apple stock at $133.29 a share, surpassing its previous closing record of $133, which was set in early 2015. This places Apple’s market value at over $700 billion.
This achievement is also pretty extraordinary when one takes into account the occurrences of last year; Apple reported 3 straight quarters of revenue declines, prompting other major investors to pour money into the Apple stock to keep it afloat.
Improved sales in China, the introduction of the iPhone 7 Plus, and increased revenues from apps and streaming services have also contributed to keeping stock prices up. In addition, Tim Cook’s public statements, and the upcoming 10th anniversary mentioned earlier, have done well to boost investor confidence.