Shares of Apple closed up 5.39 on Monday to a price of 127.79, outpacing the NASDAQ, which was only up 3.01 percent. It was Apples biggest day since Oct. 12, when shares rose 6.35. The bump came after Berkshire Hathaway chairman and CEO Warren Buffett said in his annual letter to investors published this weekend that his investment firm owns 5.4 of Apples stock, making it Berkshires thirdmost valuable asset. The letter praised Apples approach to dividends and share buybacks.

Berkshires investment in Apple vividly illustrates the power of repurchases, Buffett wrote. Buffett and Berkshire Hathaway started buying Apple in 2016 after years of avoiding tech stocks. Apples success last year largely offset damage from the pandemic to the investors railroad and insurance businesses. Buffett said Berkshire Hathaway, like Apple, plans to repurchase its shares.

Apples rise also comes after the company confirmed on Monday that all 270 of its U.S. retail stores are open for business, although some remain appointmentonly. Monday marked the first time that all U.S. stores are open since Apple started closing them in response to the Covid19 pandemic last spring.

Source FXPro