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IPhone Optimism Blasts Apple Stock To 2016 High

An iPhone 7 is displayed during an Apple media event in San Francisco

Apple’s stock hit a high, with its market value peaking above $600 billion for the first time since April. Fuelled by U.S. wireless carriers’ reports of strong early orders for the iPhone 7 as well as arch-rival Samsung Electronics’ widely-publicized recall of potentially exploding Galaxy Note 7 smartphones, shares of Apple rose as much as 4.7 percent to $113.03 for a gain of 10 percent in the past three days.

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T-Mobile said pre-orders rose nearly four times compared with its next most popular iPhone. Potentially adding to demand for Apple’s products, China’s quality watchdog said on Wednesday that Samsung would recall 1,858 of its Galaxy Note 7 phones due to its fire-prone batteries, expanding the list of countries where the devices have been recalled.

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