Apple share price soars as most Wall Street stocks close down on the day

Shareholders in Apple are feeling a lot better today than those owning other big-cap stocks traded on Wall Street.

That's because the U.S. tech giant's shares climbed US$10.53 on the day to close at US$343.99 despite the Dow Jones Industrial Average falling 300 points, or 1.09 percent.

As of this writing, Apple stock is up to US$345.37 in after-hours trading.

The sharp rise came after Bloomberg reported that the Cupertino, California–based company is "preparing to announce a shift to its own main processors in Mac computers, replacing chips from Intel Corp."

According to Bloomberg, this initiative is being called "Kalamata" and it will be announced during Apple's World Wide Developers Conference, which will be held online beginning on June 22.

The corporation's market capitalization is approaching US$1.5 trillion.

In comparison, Microsoft's market capitalization is US$1.44 trillion, whereas Amazon's is nearly US$1.3 billion.

Apple shares rose 3.16 percent during the trading session, one of only three stocks in the Dow Jones Industrial Average that made gains on the day.

The other two were Microsoft (up 0.76 percent) and Walmart (up 0.09 percent).

The three worst performers were Boeing (down 5.97 percent), Raytheon Technologies Corp. (down 4.88 percent), and Walgreens Boots Alliance (down 3.7 percent).