Apple Surges on Blowout Earnings Report

Apple reported another huge quarter for earnings, powered mostly by iPhone sales, as the stock surged 1.2 percent in after-hours trading, NBC News and The Associated Press reported. Apple's stock rose $1.63 to $134.29, adding to gains before the close in the Nasdaq and S&P 500 indexes. "We're seeing a higher rate of people switching to iPhone than we've experienced in previous cycles, and we're off to an exciting start to the June quarter with the launch of Apple Watch," APPLE CEO Tim Cook said in an earnings release.

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