On Friday August 17th, Apple's stock price jumped up nearly $12 per share as it reached an all time price of $648 per share, according to a report by ComputerWorld.com. Experts believe that this surge in price is due to the highly anticipated release of the iPhone 5 within the next few weeks. The unofficial release date is sometime between September 12th and September 21st.
This is a dramatic change of climate for the financial status of Apple. A few weeks ago, most experts were concerned over the financial status of Apple after they released their quarterly reports. The figures came in below what the experts had predicted, causing some to panic and the shares to fall. However, this surge in price, has given the stock a much needed boost of 13% or $73 per share since then.
The previous high for Apple's shares came on April 5th when the stock reached a little over $633 per share. The stock is expected to climb even more when the iPhone 5 is released, provided that the phone is a hit with experts and customers. Additionally, the iPad mini is set to be released within the next few months as well. This is also a potential cause for the surge in Apple's shares.