PowerShares QQQ (NasdaqGM: QQQ) rallied to its highest level in over a decade Wednesday following a monster quarter from Apple (NasdaqGS: AAPL) that pushed the tech darling’s shares higher by 8%.
Apple is the largest holding in the $30 billion exchange traded fund at 14.6% of the portfolio. The fund is indexed to the Nasdaq-100, which is still well below the dot-com peak.
Apple reported the best quarter in its 35-year history, handily beating the most optimistic of Wall Street expectations, Sterne Agee analysts noted. The company blew away iPhone and iPad sales forecasts as quarterly profit more than doubled.
The closely watched Nasdaq-100 is trying hard to break free of strong resistance that has been in place since the beginning of 2011. [Nasdaq-100 ETF Breakout]
PowerShares QQQ is up 6.9% year to date, compared with a 4.6% rise for the S&P 500, according to Morningstar. The fund was higher by 1% in Wednesday’s premarket trading in the wake of Apple’s home run.
PowerShares QQQ
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