Apple's stock surges back above $1 trillion market cap in intraday trading, pacing Dow

Shares of Apple Inc.

rallied 2.4% in midday trading toward a near 11-month high, after J.P. Morgan raised its price target, citing signs of better-than-expected iPhone sales. The technology giant's stock paced the Dow Jones Industrial Average's DJIA, +0.56% gainers, with the price gain of $5.31 adding 36 points to the Dow's price, which rose 155 points. The stock was on track to close at the highest level since Oct.

at $857.1 billion. Apple's stock has now run up 13% over the past three months while the Dow has tacked on 1.4%.

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