APPLE HITS RECORD AFTER HOLIDAY SURGE SENDS IT PAST AMAZON

Apple Inc. shares rallied to

an intraday record on Tuesday, continuing a year-end surge that's cemented its lead over Amazon.com Inc. as 2020's best-performing of the largest technology stocks. Apple has advanced 16 per cent in December amid signs of strong demand for its iPhone 12 models and optimism about its self-driving car efforts. The gains propelled Apple past Amazon with an 87 per cent rally in 2020 compared to Amazon's 79 per cent increase. Apple briefly rose as much as 1.5 per cent to US$138.79 before erasing the gains. The Cupertino, Calif.-based company is trading at 35 times projected 2021 profit, up from 10 at the beginning of 2019. Amazon is valued at 56 times estimated earnings. After enjoying a boom in e-commerce sales this year, Amazon is expected to see slower expansion in 2021. Bloomberg