Apple(US:AAPL) RTTNewsยท2025-10-20 20:08Market Overview - Stocks experienced a significant upward movement, with major averages climbing back within striking distance of record highs [1] - The Nasdaq surged by 310.57 points (1.4%) to 22,990.53, the S&P 500 increased by 71.12 points (1.1%) to 6,735.13, and the Dow rose by 515.97 points (1.1%) to 46,706.58 [2] Company News - Apple (AAPL) led the market rally, increasing by 3.9% to a new record closing high, following an upgrade from Loop Capital to Buy due to strong demand for the iPhone 17 series [2][3] - Cleveland-Cliffs (CLF) saw a substantial increase of 21.5% after announcing plans to explore rare earths mining [7] Sector Performance - Steel stocks experienced a notable rise, with the NYSE Arca Steel Index up by 3.5% [6] - The NYSE Arca Gold Bugs Index surged by 3.0%, driven by a significant rebound in gold prices [7] - Other sectors, including airlines, banking, oil services, and semiconductors, also performed strongly, contributing to the overall market gains [7] Economic and Policy Context - Positive market sentiment was influenced by comments from National Economic Council Director Kevin Hassett regarding the potential end of the government shutdown [3] - The Trump administration's decision to exempt numerous products from "reciprocal tariffs" has also contributed to market optimism [5]