Breaks through previous intraday record of $427.75 set last week
UPDATE: Apple closed Wednesday up $4.41 (1.04%), to hit a new all-time high of $429.11. At one point in afternoon training it hit $429.47.
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Apple (AAPL) quickly set a new intraday high Wednesday and kept climbing in early morning trading, although it’s not clear why.
It could be that investors are moving into the stock ahead of next week’s quarterly earnings report. Or because analysts have been raising their price targets (Wednesday it was Mike Abramsky’s turn, upping RBC’s target to $525 from $500). Or in response to reports of strong iPhone sales and rumors of an iPad 3 coming in March.
Or maybe just because the whole market was up.