Apple has best day since 1998 on Trump's 90-day tariff pause

Apple CEO Tim Cook inspects the new iPhone 16 during an Apple special event at Apple headquarters in Cupertino, California, on Sept. 9, 2024. Apple shares skyrocketed 15% on Wednesday after President Donald Trump announced a 90-day pause on his administration's "reciprocal tariffs," which would have affected the company's production locations in Vietnam, India and Thailand. The rally added more than $400 billion to Apple's market cap, which now stands just under $3 trillion. It was Apple's best day since January 1998, when late founder Steve Jobs was the interim CEO and three years before the company unveiled the first iPod. At the time, Apple's market cap was close to $3 billion. Apple has been the most prominent name to get whacked by Trump's tariffs. Before Wednesday, it was on its worst four-day trading stretch since 2000. Investors worried about Apple's outlook because the company still makes the majority of its revenue from selling physical devices, which need to be imported i ... Read full article.