Apple surges in longest rally since July

Apple Inc. shares hit a record high on Monday amid its longest rally in months.

The stock rose as much as 3.2% and was on track for a seventh straight session in the green, its longest such streak since July. The company is up over 11% just since Nov. 11.

Equities are enjoying a broadly positive session, with investors encouraged after President Joe Biden selected Federal Reserve Chair Jerome Powell to serve a second term as head of the U.S. central bank.

Tech stocks in particular are among the biggest gainers, and the group is up 17% off a low from early October. The move reflects investors rotating into sector, according to JC O’Hara, chief market technician at MKM Partners.

In addition, Microsoft Corp. rose as much as 1.9% and hit an intraday record. The software giant is up more than 20% since a late September low.

Over the past month, both Apple and Microsoft have risen more than 10%. The S&P 500 Information Technology sector index is up over 9% over that period, easily outperforming the roughly 4% gain in the S&P 500 Index.

Nvidia Corp. gained as much as 5% and has surged more than 72% off an October low, the latest example of how the chipmaker has become a favorite play for 2021.

Meta Platforms Inc., the company formerly known as Facebook, climbed as much as 2.5%, putting the stock is on track for its highest close since September.

Recent gains have brought the company’s market valuation just shy of $1 trillion, as it scrambles back above $980 billion.