Apple's stock surges on iPhone optimism

Updated Sep 15, 2016 – 7.37am, first published at 4.14am

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Apple's stock hit a 2016 high on Wednesday, with its market value closing above $US600 billion for the first time since April, as Wall Street bet the technology company's newest iPhone would help shore up falling sales.

Fuelled by US wireless carriers' reports of strong early orders for the iPhone 7 as well as arch-rival Samsung Electronics' widely-publicised recall of potentially exploding Galaxy Note 7 smartphones, shares of Apple rose as much as 4.7 per cent to $US113.03 for a gain of 10 per cent in the past three days. Its shares closed 3.5 per cent higher at $US111.77.

Reuters