Apple’s stock posted the highest closing price in its 36-year history Thursday following its announcement that it will unveil the iPhone 8 on September 12.
Apple closed at $164.00 a share, up 0.7 percent on the day after rising as high as $164.52, which also marks a record intraday high point for the stock.
The iPhone 8 event has been widely expected to take place in September, the month when the company traditionally holds a product event to unveil iPhones and other products. While the September 12 date had been rumored for a couple of weeks, the official announcement seems to have ratcheted up expectations for the product’s unveiling. The event may also include updates on Apple TV, Watch, and the HomePod, but most investors regard the iPhone 8 as the main attraction.
Apple’s stock has risen 42 percent so far in 2017, beating the Nasdaq Composite’s 19 percent gain, amid investor anticipation that Apple would deliver a strong upgrade of its iPhone, a product that accounts for nearly two-thirds of its operating profit. This year also marks the 10-year anniversary of the iPhone’s introduction.
Apple’s revenue declined 7.7 percent in 2016, partly because the company didn’t release a major upgrade to the iPhone last fall. Leaked details and rumors indicate the iPhone 8 will include an edge-to-edge, 5.8 inch OLED display screen; facial recognition technology; wireless charging; and capability for AR apps.