Apple's stock rose more than 3 percent on Thursday, putting the stock on pace for its ninth positive day in the past 10 days of trading.
div > div.group > p:first-child"> The technology giant's stock climb led a broad rise across the S&P 500 information technology sector, which was up 1.8 percent on Thursday. That sector has climbed 20 percent this quarter.
"I think Micron's earnings give some substance to the Apple story," Chaikin said. Additionally, reports that Apple plans to keep as much as 50 percent of subscription revenues from its coming online streaming service, as well as growing confidence in Apple's new product line up, are helping drive the stock higher, Chaikin thinks.
Shares of Apple also surpassed a key technical level on Thursday, its 200-day moving average. The metric helps indicate to investors the overall long-term trend of a stock and, in this case, shows how Apple's stock has been steadily climbing. While Chaikin said the 200-day moving average is more closely watched for indexes, rather than for individual stocks like Apple, he did note that the metric has"symbolic" importance.
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