Apple stock jumps 5% after $100 billion US manufacturing pledge
The world's third most valuable company settled 5.1 per cent higher at $213.28, after the pledge, which would bring its total investment in the US to $600 billion in the next four years, following a $500 billion commitment in February that also included hiring 20,000 workers.
That helped Wall Street rally at the close. The tech-heavy Nasdaq Composite led gains, settling 1.21 per cent higher. The Dow Jones Industrial Average added 0.18 per cent, while the S&P 500 climbed 0.73 per cent.
The White House announced on Wednesday that it will impose tariffs on "all chips and semiconductors coming into the United States", although they would not apply to companies that have made commitments to manufacture in the US, or, at least, are in the process of doing so.
Apple's decision was a "good strategic poker move for [chief executive Tim] Cook and Cupertino", where Apple is based, said Wedbush managing director Dan Ives.
The announcement came a day before Mr Trump's broader and sweeping tariffs, aimed at encouraging companies to bring their manufacturing to the US, came into effect on Thursday.
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