Shares of Apple Inc. have maintained their position in record territory above US$100.30 per share, a record that had stood for almost two years. The stock first crossed the $100 mark on Tuesday, and has held onto those gains through two full days of trading.
$AAPL ended Thursday at $100.58 per share, a small gain of $0.010 (+0.01 percent), on light volume of 33.4 million shares trading hands. For those keeping score at home, that's a new record closing high. $AAPL set an intraday record high at $101.09 on Wednesday, August 21st — a record market cap still awaits.
$AAPL Chart for Thursday August 21st, 2014
Source: Yahoo! Finance
The context here is that stocks often give back gains, especially when they hit a record high, as traders look to lock in profits. In Apple's case, we have an unannounced, but expected, media event on September 9th, where the company is expected to announced new, large screen iPhone models.
Anticipation for that event, as well as for expected (but also unannounced) foray into wearables, is running high. Apple's stock often enjoys gains leading up to an event, and they just as often shed those gains afterwards.
Still, $AAPL holding firm above $100 per share—and more particularly over $100.30 per share, is a solid vote of confidence for what investors think is coming.
That said, broader economic news of an improving housing market and a solid jobs report have also served to in giving a general boost to stocks. By definition, that includes Apple.
In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.