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Apple Rises for Eighth Day, Longest Streak Since September

Apple Rises for Eighth Day, Longest Streak Since September

(Bloomberg) -- Apple Inc. shares rose for an eighth straight session on Friday, putting the iPhone maker on track for its longest winning streak since a nine-day advance that ended in September.

The stock was up as much as 0.7 percent, a gain that put it on track for its highest close since November. Shares have risen about 5.5 percent over the course of the eight-day advance. At current levels, Apple remains about 15 percent below an October record, though the stock has surged nearly 40 percent from a January low.

Apple Rises for Eighth Day, Longest Streak Since September

The gains have corresponded with a rally for the broader technology sector, which hit record levels this week.

Earlier on Friday, Cowen wrote that while Apple’s competitors in the smartphone industry were poised to release 5G products, the company shouldn’t worry about being surpassed “quite yet.” Separately, the Wall Street Journal reported that Apple Music had surpassed Spotify in paid U.S. subscriptions.

To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Morwenna Coniam

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