Apple Reaching New Highs: What’s Driving the Stock?

Apple (AAPL) stock touched a 52-week high of $219.18 on August 20, later closing a tad lower at $215.46. The company, which has a market cap of over $1.04 trillion, has seen its stock rally more than 13.6% since it reported impressive quarterly financial results on July 31. Year-to-date, Apple stock had gained 28.8% as of August 20, while hardware stocks Nokia (NOK), GoPro (GPRO), Fitbit (FIT), and NetApp (NTAP) had returned 17.2%, -15.3%, 5.3%, and 54.66%, respectively.