Apple Inc. rose to record highs Monday as optimism grew for an earnings report later this week that should give early indications about sales and deliveries of its newest iPhones. Apple stock hit new intraday highs and closed up 2.3% at $166.72, its first record closing high since Sept. 1. As of the end of trading, Apple’s market cap was $860.1 billion, easily the highest for a U.S. company. Apple’s closest competitor in valuation is Google parent Alphabet Inc. , which topped $700 billion for the first time last week. Analysts still believe Apple could move higher, as they have an average price target of $179.28, according to FactSet, 7.5% higher than Monday’s closing price.
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