The Dow Jones Index (INDU) surged more than 500 points at its peak, but narrowed before closing. The index closed up 320 points, or 1.2%, at 26816.59.
The S&P 500 closed up 32.14 points, up 1.1%, at 2970.27. The Nasdaq composite index closed 106.26 points higher, up 1.3% to 8057.04.
At midday highs, the Dow Jones Industrial Average rose 517.30 points, or 2%, the Standard & Poors 500 Index rose 55.15 points, or 1.9%, and the Nasdaq Index rose 165.01 points, or 2.1%.
This week, the Dow Jones index rose 0.9%, the Standard & Poors 500 index and the Nasdaq index rose 0.6% and 0.9%, respectively.
Apples shares rose 2.7% to close at $236.21, breaking the record high of $233.47 set in October last year and reaching a market value of $107 million, surpassing Microsoft by a small margin and reaching the worlds largest company by nearly 50% since the beginning of the year.
Daniel Ives, an analyst at Wedbush Securities, raised Apples target stock price from $245 to $265. The biggest reason is that Apple has recently released three new smartphones, and so far the demand for the iPhone 11 is strong, which is good news for Apple.
In addition, Apple is trying to attract hundreds of millions of Apple device users to its streaming media platform, competing for content with Netflix, Disney and Hulu. With about 900 million active iPhone devices worldwide, Apple has the opportunity to attract 100 million consumers in streaming media in the next three to four years.
In addition to Ivesrating of Apples stock as a win-win market, there are three analysts who are bullish on Apples performance. Krish Sankar, an analyst at Cowen, rated it as a winner with a target price of $250.
Shawn Harrison, an analyst at Longbow Research, a market research firm, has a buy rating with a target price of $260. T. Michael Walkley, an analyst at Canaccord Genuity, a Canadian investment bank, also has a buy rating, raising its target stock price from $240 to $260.
Shares of other major US technology giants also rose across the board, with Facebook up 2.31%, Amazon up 0.68%, NetFlix up 0.87%, Alphabet up 0.56% and Microsoft up 0.42%.
Chinas major technology stocks also rose differently, with Netease up 3.8%, Pingduo up 2.88%, Alibaba up 4.14%, Jingdong up 3.95%, Baidu up 0.78%. (small) (small)
Source: Responsible Editor of Netease Science and Technology Report: Wang Fengzhi_NT2541