Apple Stock Closes Above $3 Trillion In Market Value In A Public Company First; Tech Revival Paces Nasdaq’s Biggest First-Half Gain Since 1983
deadline.comApple became the first publicly traded company to be valued at $3 trillion Friday, leading a tech sector revival that helped the Nasdaq record its best opening half of a year since 1983.
The tech-heavy Nasdaq gained 1.5% Friday to end the week at 13,787.92. It has risen 30% since the start of the year, outdoing the S&P 500’s 16% increase and a 4% uptick for the Dow.
Despite issues like inflation, interest rates, the war in Ukraine and other matters weighing on the minds of investors, the Nasdaq managed to sharply reverse direction after a bleak 2022.
The index lost about one-third of its value last year due to advertising softness and regular action by the Federal Reserve, which raised interest rates several times in an effort to curb inflation.
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