Shares in Apple Inc. traded higher in Monday's afternoon trading session, buoyed in part by a broad market rally. Shares in AAPL were trading at US$106.09 per share, a gain of $4.50 (+4.43%) in moderate volume as of this writing.
While investors may have been made more confident on news that Apple's iPhone wouldn't face competition from a Dell-branded smartphone (DELL was also higher, at $10.33 per share, a gain of $0.45 (+4.55%), all of the major indices were solidly in positive territory.
DJIA: 7,677.73 +399.35 (+5.49%)
NASDAQ: 1,531.26 +73.99 (+5.08%)
S&P 500: 810.30 +41.76 (+5.43%)
This broad market rally was sparked in part by a positive reaction to a long-awaited plan unveiled by the U.S. Treasury Department to rid U.S. banks of so-called toxic assets, and in part by the news that February home sales in the U.S. took an unexpected jump. The markets grabbed hold of both pieces of news and ran with them.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.