Apple reaches record high close as Fed signals rate cuts By Reuters

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<span>© Reuters. FILE PHOTO: A person is silhouetted against a logo sign of the Apple Store in the Grand Central Terminal in the Manhattan borough of New York City, New York, U.S., January 4, 2022. REUTERS/Carlo Allegri</span><br />
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<p>(Corrects typographical error in 2nd paragraph to make it $197.96 per share instead of $179.96)</p>
<p>(Reuters) -Apple&#8217;s stock reached a record high close on Wednesday, lifted in a broad Wall Street rally after the Federal Reserve signaled lower borrowing costs are coming in 2024.</p>
<p>Apple (NASDAQ:)&#8217;s stock climbed 1.7% to end the day at $197.96 per share, beating the iPhone maker&#8217;s previous record high close of $196.45 on July 31.</p>
<p>The stock hit an intraday high of $198.00, shy of its intraday record of $198.23 on July 19. </p>
<p>The world&#8217;s most valuable company now has a market capitalization of $3.08 trillion.</p>
<p>U.S. stocks surged after the Fed held interest rates steady, with a near-unanimous 17 of 19 Fed officials projecting the policy rate will be lower by the end of 2024.</p>
<p>Apple&#8217;s rally on Wednesday also helped propel the up 1.4% to its first record high close since January 2022.</p>
<p>Apple&#8217;s shares have surged 52% so far in 2023, making a major contribution to the Dow&#8217;s 12% recovery over that time, and to the &#8216;s 23% rally in the same period.</p>
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