Markets

Apple Soars to All-Time High, Above $411

By Conrad Aenlle

Updated on: September 19, 2011 / 5:35 PM EDT / MoneyWatch

The stock market was tanking Monday morning, but Apple (AAPL) rocketed higher to trade past $411 a share. That was well above its previous all-time high of $404.50, set in late July, before the decline in the big indexes began its waterfall phase.

Apple maintained its gains through the rest of the day, closing at $411.63, up $11.13, after being as low as $395.20 soon after the market opened.

The Wall Street Journal speculated that the run-up could be the result of traders trying to front-run an announcement on an Apple TV device or system. The paper also highlighted a note to investors sent out by J.P. Morgan (JPM) suggesting two potential developments related to the iPhone that could explain the rally.

One is that the iPhone 5, soon to be introduced and greatly anticipated, will be able to operate on two mobile phone platforms, GSM and CDMA, which would make the iPhone an even more popular item. The other possible new wrinkle is that Apple will revamp the iPhone 4 to make it cheaper, attracting a new group of customers.

Whatever is behind the latest leg of Apple's spectacular run, it's fascinating how easily the angst over Steve Jobs's Aug. 25 resignation as Apple's chief executive has dissipated. Just after the announcement, Apple traded at about $351, albeit in thin, after-hours trading.

I said then that Apple was worth buying at such depressed levels. Now, at an additional $60 a share, it's clearly less of a sure thing. But everyone who has suggested selling Apple in the past, including me, has been wrong, so I wouldn't bet against further gains even now.