Apple shares drive US equities Excitement for shares in Apple approached near-unanimous levels on Wednesday as investors praised the company which reported that net income rose 93 per cent to $11.6bn in its second-quarter results. Shares in the world's largest company by market value gained almost 9 per cent to $610.13 as trading began. Apple erased much of the downward slide of the last two weeks, when shares declined by as much as 13 per cent and fell from highs near $636. The gains helped lift the Nasdaq Composite Index, on which Apple is the most heavily weighted stock, by 1.8 per cent to 3,014.64. The S&P 500 information technology sector, which has led the benchmark US index, climbed 2.7 per cent due to the outsized impact of the iPhone and iPad maker. Overall, the S&P 500 rose 1 per cent to 1,386.19. The momentum in Apple shares began in after market trading on Tuesday, when the company brushed aside fears that its huge growth rate may have reached its limits. Apple said it sold 35m iPhones and 11.8 iPads in the period - ahead of most estimates - as revenues jumped 59 per cent to $39.2bn compared to the same timeframe a year ago. Net income was 93 per cent better putting earnings per share at $12.30, more than two dollars better than expected. "In our view, the best part of Apple's risk-reward profile is that plenty more upside potential exists, likely elevating Apple's revenue and earnings growth to a completely new orbit," said Mark Moskowitz, analyst at JPMorgan. "In other words, Apple remains in a league of its own, and we think that the [latest] results affirm this view," he added, reiterating his price target of $715 and "buy" rating for the company's shares. With shares in Apple trading up more than 9 per cent higher in early morning activity on Wednesday, it is likely that this could be the single biggest one day gain for the company's equity since October 2008. Despite the euphoria surrounding its latest results, Apple lowered expectations for the next quarter, saying that revenues are predicted to be about $34bn - almost $3bn less than expected. Bill Shope, analyst at Goldman Sachs, said that the risks that company confronts for its next quarter results are worsening macro conditions, supply chain disruptions, increased platform competition, and potential legal and regulatory restriction. Elsewhere on Wall Street, shares in Caterpillar were among the biggest losers on the Dow Jones Industrial Average, falling 2.4 per cent to $105.80. The Dow was up just 0.5 per cent to 13,067.03, well behind the two other major indices.