Shares in Apple Inc. traded higher Wednesday, rising more than 3.9% in early afternoon trading. The gains come amidst a broader tech rally, as well as speculation that a pending accounting rules change that could allow Apple to report is iPhone earnings in a more beneficial fashion.
Each of the three major indices were up on news of an improving home-building industry, gains in the financial sector, and tech stocks lead by Apple and Amazon. Amazon benefitted from a Bank of America analyst raising his rating on the online retailer from a Neutral to a Buy, while Jim Cramer raised his price target on AAPL from $200 per share to $264.
Trading in AAPL has been vigorous with 18.8 million shares trading hands with several hours left to go in the trading session. Average daily volume is currently at 14.8 million shares.
As of this writing, AAPL is trading at $182.02 per share, a gain of $6.86 (+3.92%).
*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.