Apple's share price rose to an all-time high today amid expectations that Donald Trump's long-awaited tax plan would soon be passed.
The tech giant's shares reached as high as $177.17 as broader Wall Street stocks jumped to fresh highs thanks to the so-called Santa rally, with the Nasdaq crossing 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," said David Madden, a market analyst at CMC Markets.
"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," he said.
Apple last week confirmed it was buying music discovery app Shazam. The value of the deal was not disclosed by the company but has been reported to be worth around the $400m mark.