Apple shares pass $500 for first time

Shares of Apple rallied above $500 for the first time after a two-week gain spurred by the iPhone maker’s first-quarter earnings report neared 20%.

The company increased 1.5% to $500.60 at 10am in New York yesterday.

Timothy Ghriskey, who owns Apple shares and who oversees $2 billion as chief investment officer of Solaris Group LLC in Bedford Hills, New York, said: “It reminds us all of the amazing transformation of Apple over the past eight years. We think the stock has higher to go, $600 is next.