Today, the share price of Apple grew to an all-time high amid expectations that the long-awaited tax plan of Donald Trump would soon be passed.
The shares of the tech giant’ reached as high as $177.17 as broader stocks of Wall Street soared to new highs thanks to the so-called “Santa rally,” with the Nasdaq going over the 7,000 mark for the first time.
“The bullish run on Wall Street continues as the Dow Jones, S&P 500 and Nasdaq 100 have all hit record-highs again,” stated a market analyst at CMC Markets, David Madden.
“The potential for tax reform is the talk of the town and the prospect of US companies cutting their tax rates from 35 per cent to 21 per cent is fuelling the positive move. President Trump is very pro-business and it would be a major boost to his premiership if it were to get approved. The market chatter is the vote will take place this week, and it is looking likely that it will be approved,” said Madden.
Last week, Apple confirmed that it was acquiring Shazam, the music discovery app. The value of the said deal was not revealed by the company. However, it has been reported to be worth around $400m.
Read also: Apple Inc. Confirms Deal to Acquire Shazam