Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0781
    -0.0013 (-0.12%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2621
    -0.0002 (-0.01%)
     
  • USD/JPY

    151.3670
    -0.0050 (-0.00%)
     
  • Bitcoin USD

    70,403.21
    +129.84 (+0.18%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Will Central Banks Drive Apple Shares to $1,000?

Shares of Apple Inc. continue to climb higher as a seemingly endless supply of positive news hits headlines. On Thursday, shares reached another all-time high just below $550. In fact, shares have closed at a new all-time high for six consecutive trading days. In addition to new iPad speculation, Apple shares may receive a longer-term boost as central banks begin to cash in on the iCraze.

According to Digitimes, Apple is expected to launch a smaller sized iPad along with the iPad 3 on March 7 at a special event held in San Francisco. In a strategic move likely made to stay ahead of new Microsoft Windows 8-based tablets and Amazon’s Kindle, the smaller iPad is expected to have a 7.85-inch screen and retail for $200-$250.

Don’t Miss: Apple Wins Major Victory Over Motorola Mobility.

Although Apple shares have had a record run for years, Steve Wozniak, Apple’s co-founder believes shares have the potential to reach $1,000. “You know, people talk about $1,000 stock price…you know, at first you want to doubt it but I actually believe that, and I don’t really follow stock markets,” he said. In addition to new products and hedge funds driving shares towards $1,000, central banks may also have a hand in the matter.

Bloomberg reports that beginning March 1, the Bank of Israel will begin a pilot program to invest a portion of its foreign currency reserves in U.S. equities. The initial investment into equities will equal about $1.5 billion and be made through UBS and BlackRock financial institutions. At a later stage, the investment amount could equal nearly $8 billion. Bank of Israel’s spokesman Yossi Saadon explained that the investments will be made in equity index trackers, which will include stocks such as Apple.

Read more insightful stories at Wall St. Cheat Sheet:

Is Twitter Selling Your Data to the Highest Bidder?
Consumers Are Casualties of E-Book Standoff.
Is Domino’s Pizza a Tech Play for Investors?.

To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

Advertisement