Apple reaches record high close as Fed signals rate cuts

Apple share price: Apple's stock reached a record high close on Wednesday, lifted in a broad Wall Street rally after the Federal Reserve signaled lower borrowing costs are coming in 2024. Apple's stock climbed 1.7 per cent to end the day at $197.96 per share, beating the iPhone maker's previous record high close of $196.45 on July 31.

The stock hit an intraday high of $198.00, shy of its intraday record of $198.23 on July 19.

The world's most valuable company now has a market capitalization of $3.08 trillion. US stocks surged after the Fed held interest rates steady, with a near-unanimous 17 of 19 Fed officials projecting the policy rate will be lower by the end of 2024.

Apple's rally on Wednesday also helped propel the Dow Jones Industrial Average up 1.4 per cent to its first record high close since January 2022.

Apple's shares have surged 52 per cent so far in 2023, making a major contribution to the Dow's 12 per cent recovery over that time, and to the S&P 500's 23 per cent rally in the same period.