Why Apple Stock Inched Up by Nearly 2% Today
Shares of Apple (NASDAQ: AAPL), which have been in recovery mode so far this year following a dismal 2022 for tech stocks, received another boost on Monday. The tech stock rose by almost 2% on the day, edging past the 1.1% gain of the bellwether S&P 500 index. Investors were cheered by the company's apparently feisty stance on an upcoming regulatory hearing.
Citing unnamed "people familiar with the matter," Reuters reported that Apple will seek to convince the European Union's (EU) antitrust authority that it does not engage in anticompetitive practices.
The company is being accused by the European Commission (EC), the economic bloc's administrative arm and frequent regulatory authority, of such conduct in regards to mobile wallets. Some have accused the company of blocking rival software developers' wallets from access to its popular line of mobile devices.
Source Fool.com
