Shares in Apple Inc. closed at yet another record high Wednesday, ending the day at US$363.13, a gain of $3.23 (+0.90%), on moderately strong volume of 17 million shares trading hands. This added more than $2.7 billion to the company’s market cap, which now stands at $334.5 billion.
AAPL’s gains were part of a broader tech rally led by erstwhile nemesis Dell, which gained almost 12% to close at $15.56, up $1.65 (+11.86%), on extraordinary volume of 108.6 million shares trading hands (average volume of 17 million shares).
Dell surprised the market by reporting a stellar 4th quarter Tuesday, with profits almost 300% higher than expected. That resulted in a series of price target increases and ratings bumps, which fueled the stock’s rise Wednesday. Today’s stock gain boosted the company’s market cap all the way to $30 billion (less than 1/10th Apple’s).
Research in Motion also posted a significant gain Wednesday, ending the day at $68.35, up $3.05 (+4.67%), after Citigroup bumped the stock to a “Buy” from a “Sell.”
*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.