Shares in Apple Inc. hit a new record closing high Friday, ending the day at US$294.07, a gain of $4.85 (+1.68%), on moderately strong volume of 23.5 million shares trading hands. This surpasses the previous record closing of $292.32 per share, which was set on September 24th of this year.
The move in Apple’s stock seems to have been propelled by a general tech rally that began Thursday on reports that Adobe and Microsoft had discussed a possible merger. Though insiders have since scoffed at the idea, tech stocks remained in the black throughout Friday.
Shares in Microsoft closed at $24.57, up $0.04 (+0.16%); Dell closed up at 13.69, a gain of $0.42 (+3.17%); HP closed at $41.15, a gain of $0.34 (+0.83%); and Adobe was one of the few stocks to end the day in the red, closing at $26.99, down $1.70 (-5.93%).
AAPL chart for 10/08/2010
*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.