NurPhoto / Contributor/ Getty Images
Apple (AAPL), which is part of the Magnificent 7, led other members higher Friday, as a broader recovery capped a wild and volatile week fueled by tariffs.
Apple shares rose 4% to close $198.15. This was the best day for Apple since 1998.
Apple hasn’t recovered fully from the damage caused by President Trump’s tariff announcements on April 2 due to fears of escalating trade frictions with China where Apple manufactures 90% of its products.
Apple’s stock gained on Friday as investors grew more confident that the iPhone maker would be exempted of tariffs by the Trump administration.
Jordan Klein, Mizuho’s analyst, told clients in an email Friday that “90% seem to believe Apple is going to get a tax exemption,” pointing at the exemption Apple got in 2018 under President Trump’s initial term.
CFRA Research analyst Angelo Zino now places the odds of a specific exemption for Apple at 50%, up by 20%.
