Apple’s share price closed at 153.12 dollars, up 3.04% from last weekend, with a market capitalization of 2.531 trillion dollars. This is the first time in more than a year that a U.S. company’s market capitalization exceeded $2 trillion in August last year.
Stock market analysts analyzed that Apple’s shares were strong due to media reports that the iPhone 13, which will be announced this fall, would include satellite communication functions. Microsoft’s share price also rose 1.29 percent, and other tech shares also strengthened, according to Market Watch.
As a result, the tech-heavy Nasdaq index rose 136.39 points (0.9 percent) to 15,265.89, a record high. The Standard & Poor’s 500 index, which is centered on large stocks, also rose 19.42 (0.43 percent) to close at 4528.79. On the other hand, the Dow Jones index closed at 35,399.84, down 55.96 (0.16 percent).
The Standard & Poor’s 500 rose more than 3 percent during the month of August, with the Dow and Nasdaq up 1.3 percent and 1.4 percent, respectively.
The rise in technology stocks on the day was analyzed due to U.S. Federal Reserve Chairman Jerome Powell’s emphasis on the possibility of reducing asset purchases by the end of this year, but emphasizing that the rate hike is still far from over. “If the economy progresses as widely as expected, it may be appropriate to start reducing the pace of asset purchases within this year,” Powell said at last week’s Jackson Hall symposium.
With the prospect of a rate hike for the time being, the 10-year U.S. government bond rate (yield rate) fell below 1.3 percent in the bond market. A drop in interest rates means that the value of government bonds has increased.