Apple rises for eighth day, longest streak since September

Apple iPhone X smartphones are displayed during the sales launch at a store in New York. (Bloomberg pic)

NEW YORK: Apple shares rose for an eighth straight session on Friday, putting the iPhone maker on track for its longest winning streak since a nine-day advance that ended in September.

The stock was up as much as 0.7%, a gain that put it on track for its highest close since November.

Shares have risen about 5.5% over the course of the eight-day advance. At current levels, Apple remains about 15% below an October record, though the stock has surged nearly 40% from a January low.

The gains have corresponded with a rally for the broader technology sector, which hit record levels this week.

Earlier on Friday, Cowen wrote that while Apple’s competitors in the smartphone industry were poised to release 5G products, the company shouldn’t worry about being surpassed “quite yet.”

Separately, the Wall Street Journal reported that Apple Music had surpassed Spotify in paid US subscriptions.