Shares in Apple Inc. closed over US$300 per share for the first time Wednesday, ending the day at $300.14, a gain of $1.60 (+0.54%), on moderately strong volume of 19.9 million shares trading hands. This marks the fourth record high close in a row.
AAPL traded as high as $301.96 per share just before midday, but spent the rest of the session in an up and down roller coaster ride that saw the stock dip below its newly won $300 mark briefly in the afternoon.
Yahoo! Finance AAPL Chart
As we’ve noted throughout the week, one catalyst for the stock’s run-up in price has been the approach of the company’s September quarter’s earnings announcement, which is scheduled for Monday, October 18th. Investors have been bullish on rumors that Apple was going to bring the iPhone to Verizon, as well.
Earlier on Wednesday, Apple announced a media event that will be held to announce the next major version of Mac OS X, reminding the world that the company is not just about iOS devices.
Another positive factor adding to today’s advances was speculation that the U.S. Federal Reserve is about to ease monetary supply (i.e. print more money and make it cheaper for banks to borrow it). Coupled with early earnings reports with surprise on the upside from some major U.S. corporations, the major stock indexes have gained each of the last four sessions, just as AAPL has.
*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.