Shares of Apple surged nearly 6 percent in the premarket Wednesday, putting the Dow Jones industrial average within striking distance of 22,000.
Apple’s stock surged after the tech giant reported quarterly results that blew expectations out of the water on Tuesday. The company reported earnings per share of $1.67 on revenue of $45.4 billion. Analysts polled by Reuters expected earnings per share of $1.57 on revenue of $44.89 billion. If Apple opens Wednesday where it is trading after hours, it would be a new record for the stock.
The gains in Apple would also theoretically add more than 50 points to the Dow, which would push it above 22,000 at Wednesday’s open. The Dow posted a record close of 21,963.92 on Tuesday, just 36.08 points shy of 22,000.
The Nasdaq 100 — which is composed of the 100 largest components in the Nasdaq composite — would also receive a lift from Apple. Nasdaq 100 futures pointed to a 0.66 percent gain at Wednesday’s open. The PowerShares QQQ Trust exchange-traded fund, which tracks the Nasdaq 100, climbed 0.62 percent before the bell.
Other tech stocks also gained in extended trading, with Alphabet, Netflix and Amazon shares all higher.
“Given that Tech and particularly ‘FANG’ stocks have been under pressure over the last couple weeks, this very well might serve as a positive catalyst if these levels can hold through Wednesday’s close,” Mark Newton, managing member at Newton Advisors, said in a note.
— With reporting by Robert Hum