Apple Notches Another All-Time High; China iPhone Sales Pop
Investing.com - As tech stocks led the broader market higher Thursday, Apple (NASDAQ:AAPL) led the charge of the FAANGs as it rode momentum to another all-time high.
The big-name tech and communication stocks known as FAANGs (Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), Google parent Alphabet (NASDAQ:GOOGL)) have been resilient in the face of geopolitical concerns that have roiled the markets in the new year.
Apple (NASDAQ:AAPL) rose 2% in morning trading, setting a new peak for shares at $309.46.
Shares were boosted by news of and more-than-18% rise in December iPhone sales in China.
Apple (NASDAQ:AAPL) shipped roughly 3.2 million phones in China in December, data from the China Academy of Information and Communications Technology and Reuters calculations showed.
That was up from 2.7 million a year earlier.
After a peak period in 2015, iPhone sales in China stagnated due to factors including longer upgrade cycles and competition from Chinese rivals.
Apple shares (NASDAQ:AAPL) are nearly 54% in the last six months.
-- Reuters contributed to this report.