Apple's stock bounces back to hit a new high

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Updated: 8/20 2:22 pm

SAN FRANCISCO (AP) — Apple's stock touched a new high Wednesday, reflecting investors' renewed faith in CEO Tim Cook's ability to outwit the competition and expand the technological hit factory built by the late Steve Jobs.

The milestone represents a dramatic turnaround in sentiment since Apple's shares reached its previous split-adjusted peak of $100.72 in September 2012. The shares peaked at $100.77 Wednesday morning, giving it a market value of roughly $600 billion — more than any other publicly held company.

Apple's stock fell to a split-adjusted $55.01 in April 2013 to wipe out about $300 billion in shareholder wealth amid worries that the Cupertino, California, company had run out of ideas without Jobs as its mastermind.

Those concerns have faded amid high hopes for an iPhone with a bigger screen.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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