Shares of Apple Inc (AAPL.O) rose more than 4 percent on Thursday amid optimism on Wall Street that the maker of consumer favorites such as the iPod media player and iPhone can weather economic troubles.
The shares rose $5.46 to $128.42 in early trade on Nasdaq, a bright contrast to slumping broader markets weighed down by mounting U.S. recession fears.
The gains come one day after Apple affirmed its iPhone sales goal for this year and promised to give details of how outside programmers can create software for the device. The move is expected to spur demand for the Web-browsing and media-playing mobile phone.
Goldman Sachs analyst David Bailey, after a meeting with Apple Chief Operating Officer Tim Cook on Wednesday, said he continues to believe that "Apple's industry-leading product cycles should help it overcome softer seasonality and sets the stock up for a strong second half."
Although the shares have risen over the past two trading sessions, they are still a long way from recouping a 30 percent decline over the past three months. Investors have soured somewhat on Apple amid concerns that a slowing economy could hit sales of its Mac computers, iPods and iPhones.
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