Adding momentum to the market, Apple was able to exceed quarterly expectations for its fiscal second quarter and announced it would be increasing its dividend and stock buybacks.
Had it not been for the substantial earnings contribution from the Mag 7, Q1 earnings growth for the rest of the S&P 500 index would be in negative territory. Now, we await Nvidia.
Few investors are happier with the pop in Apple stock Friday than Berkshire Hathaway CEO Warren Buffett. Apple rose 6% Friday to $183.38 after reporting encouraging financial results late Thursday for the March quarter. Berkshire’s Apple stake is now worth $165 billion, against a cost of around $30 billion.