Apple (NasdaqGS: AAPL) shares rallied above $500 on Wednesday to help Nasdaq-100 and technology sector ETFs outperform the broader stock indices. The stock gained more than 2% on anticipation for the latest version of the iPhone and a bullish analyst call.
PowerShares QQQ (NasdaqGM: QQQ) was up 1.1% in afternoon trading. Apple is the largest holding in the actively traded Nasdaq-100 ETF.
Apple sent out invitations to a Sept. 10 event where it will unveil new models of the iPhone and release an update to Apple’s iOS mobile operating system, Bloomberg reported.
Separately, Cantor Fitzgerald started coverage of Apple with a buy recommendation and target price of $777, according to MarketWatch.