Wall Street's best performance since 2020; Apple adds $190 bn in a market cap

US stocks roared ahead in their strongest day in more than two and a half years, with investors emboldened by inflation data that showed decelerating increases in consumer prices and set the stage for a slower pace of interest rate rises by the Federal Reserve.

Apple's market value surged by $190.9 billion on Thursday, the biggest ever for a US-listed company, according to Bloomberg data. The jump eclipsed Amazon.com Inc.’s $190.8 billion gain in February, according to data compiled by Bloomberg.

The Cupertino giant's market capitalization now stands at $2.34 trillion.

Bloomberg data showed that the surge in Apple's stock exceeded Amazon's $190.8 billion gain in February, adding to the company's market cap, which was already worth more than fellow giants Alphabet, Amazon and Meta combined.

Apple witnessed a strong double-digit revenue growth in emerging markets like India for the September-ended quarter, chief executive Tim Cook said last month. It said, Apple currently has a 37% share in the premium smartphone market and a 3% market share in the country's overall smartphone market.