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Apple's quarterly results bring back investor confidence, stock surges almost 5%


Apple's stock saw a nearly 5% surge on Friday, hitting a nine-month high and setting the company on track for its largest one-day gain since November. The increase in Apple's shares lifted investor spirits across Wall Street, pushing the S&P 500 and Nasdaq up over 1.5%. Apple's CEO, Tim Cook, released the quarterly results on Thursday, which showed lower revenue and profits for the quarter ending April 1 but still exceeded analysts' expectations. Cook's steady hand on the helm and the company's consistency of execution provided investors with much-needed certainty during a time of economic uncertainty. The stock market value of the world's most valuable company rose by over $100 billion to approximately $2.7 trillion, increasing its lead over Microsoft, the world's second most valuable company, at $2.3 trillion. Apple's shares were trading at $173.48, just shy of a peak of over $176 last August. At least 13 analysts raised their price targets for Apple's stock following the positive report, with the median target increasing to $180 from $170 before the report.

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