Cook in line for $44m as Apple stock rises

A rosy forecast for iPhone sales that helped push Apple’s stock to a record high edged chief executive officer Tim Cook closer to reaching the top threshold for his 2017 performance award.

A surge in Apple shares briefly boosted the S&P 500 and took the Dow Jones Industrial Average past 22,000 for the first time.

The stock rose as much as 6.4% at one stage, to $159.65 a share, boosting the market capitalisation of the world’s most valuable company by about $50bn (€42.3bn) to $832bn (€704bn).