Apple stock almost makes up for year-to-date decline in 11 days of gains

Apple shares are rising for the 11th session in a row, thereby almost offsetting the fall in the value of securities at the beginning of 2022. it is reported by BLOOMBERG.

Quotes of Apple at the moment rose on the NASDAQ by 1.44%, to $178.13. By 18:10 Moscow time, growth slowed to 0.88%, the share price was $177.15. For comparison, according to the results of the last trading day in 2021, the price of one security reached $177.57.

Apple shares posted their longest daily uptrend since 2003. One of its drivers was the expectation of progress in the negotiations between RUSSIA and Ukraine.

“The sell-off has become excessive and big tech companies have fallen to very attractive levels,” said David Katz, chief investment officer of Matrix Asset Advisors.

Shares were also supported by the fact that analysts raised their forecasts for Apple's earnings this year. It is noteworthy that the company is the leader in this indicator among the companies from FAANG.

Follow the news of the companies in the TELEGRAM channel "Catalog of RBC Investments"