Apple’s stock rose almost two and a half percent a day after the tech juggernaut announced it’s latest iterations of the iPhone. According to Reuters, Apple’s climb pushed the rest of the tech sector up, with technology firms seeing a rise in shares across “all three major U.S. stock indexes on Thursday.”
Apple’s competitors Alphabet and Microsoft saw significant gains as well according to Market Watch. The markets responded to tech’s surge, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq all rising throughout the day, according to CNBC.
“There are a lot of things that can drive a stock higher, but if you want to know what produces massive multi-year gains, it’s sustained, revolutionary innovation like what Apple just gave you,” said Mad Money host Jim Cramer according to CNBC.
According to The Street, the announcement of Apple’s three newest iPhones — the iPhone Xr, Xs, and Xs Max — was preceded by the unveiling of the company’s new Apple Watch, which appears to be designed for “an aging, health-conscious consumer.” Analysts say this move will attract new customers who had not considered purchasing Apple products in the past.