Apple shares close at record high, market cap hits $2.4 trillion

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Apple's stock price closed at $144.57 on Wednesday, an all-time record high that breaks the previous record closing price set in January.

The Cupertino tech giant's share price rallied 1.8% on Wednesday before hitting the record close. Overall, Apple's share price rose for the seventh day straight, the company's longest streak.

Apple's closing share price of $144.57 on July 7 eclipsed the previous high set in January 2021. It is still slightly below an intraday record of $145.09, which was also set in January.

Apple's total market capitalization has now hit $2.4 trillion. Its shares have surged about 9% this year, below that of other technology firms. The S&P 500 Index, to which Apple is the biggest contributor, gained 16%.

The new record comes amid optimism about Apple's growth outlook and expectations that iPhone sales could continue to climb in the next six months.

In May, analyst Katy Huberty forecast that Apple could report a better-than-expected June quarter. The period is typically Apple's slowest, but Huberty believes the company could outperform Wall Street expectations.

The Cupertino tech giant will report its fiscal third quarter earnings on Tuesday, July 27.

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