Apple's stock hits year-high over Korean rival's woes
APPLE'S stock on Monday jumped 2.2 per cent, reaching a high not seen since December, after rival Samsung Electronics suspended production of its Galaxy Note 7 smartphones.
Apple's stock reached US$116.59 and was the largest contributor to gains on the S&P 500.
Following reports of fire in Note 7 replacement devices, Verizon Communications, AT&T and other wireless carriers in the US suspended sales and exchanges.
Best Buy will no longer sell the Note 7.
Apple's stock has gained 13 per cent since mid-September on optimism about demand for the recently launched iPhone 7.