Apple Hits All-Time High with Shares Closing at $197.96, Solidifying Status as World's Most Valuable Company

Apple shares closed at a record high of $197.96 on Wednesday, surpassing its previous closing record set in July and cementing its position as the world's most valuable company with a market capitalization of about $3.08 trillion. Apple's stock has surged over the past month, buoyed by declining US Treasury yields, indications of easing inflation, a robust economy, and central bankers' recent decision to maintain interest rates with anticipated cuts in 2024. While Apple's revenue has fallen every quarter in fiscal 2023 relative to the same period a year ago, Wall Street projects its revenue growth will re-accelerate in 2024 as demand for smartphones, laptops and computers rebounds.