Apple stock is on its way to its best daily winning streak since 2003

an Apple Stocks rose on Tuesday, putting them on track to close higher for the 11th consecutive day, marking the longest winning streak in the iPhone era.

The company’s stock is up more than 1% as of midday, erasing its losses for the year. That’s still about 2.8% lower than its record on January 3, when Apple’s market capitalization hit $3 trillion on the day. As of Tuesday, Apple was worth about $2.9 trillion.

The last time Apple’s stock gained for at least 11 days was a 12-day streak in 2003, when the company’s fastest growing product was the iPod music player. The first iPhone was not released to the market until 2007.

Apple’s rise comes hand in hand with Broader gains in the marketInvestors are becoming more optimistic about ceasefire negotiations between Russia and Ukraine. Apple’s major tech peers also posted gains on Tuesday as well deadAnd the amazon, Netflix And the the alphabet Everything is advanced.

“Apple is the cornerstone of strength and overall demand for iPhone and services is helping stocks move back toward the $3 trillion area code,” Dan Ives, an analyst at Wedbush Securities, wrote in an email.

Although a lot of high-growth technologies have been affected this year, the big, well-established names have generally held out better than the losing startups. With inflation rising at the fastest pace in 40 years and the Federal Reserve raising interest rates, investors are putting their money into less risky assets.

“Once the Fed started raising rates, that was a bright green light to own technology stocks,” said Ives, who recommends buying shares of Apple. “Many investors have been surprised by this rally and are now playing catch-up front and center Cupertino.”

Even Apple faced some tough news this week, with Nikkei Asia reporting that the company has been production cut back of its new budget iPhone SE due to weaker than expected demand. Apple’s leadership has proven its ability to navigate choppy waters.

“Tim Cook continues implementation with their team,” Brian Talkington of Requisite Capital Management For CNBC on Friday. “I’d be surprised if Apple didn’t keep doing it. It’s done really well, it’s put off a lot better than the vast majority of tech stocks, so I think they’ll keep doing that.”

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