Apple stock began trading at
$92U.S. on U.S. markets Monday morning after a seven-for-one stock split that awarded existing shareholders six new shares for every Apple share they owned after markets closed on Friday. The stock was up 93.5 cents, or 1%, early morning Tuesday at $94.64U.S., a level that Apple CEO Tim Cookbelieves will make the shares seem more accessible to a larger number of investors. The market value of the company remains the same, but the stock becomes more appealing psychologically to investors because of a lower price that is easier to perceive as a value investment. Apple stock was trading at $645U.S. on Friday and has gone as high as $705U.S. on the NASDAQ. By taking Apple's stock price below $100U.S., it removes any obstacle for the stock to be chosen for inclusion in the Dow index. A Wall Streetcommittee readjusts the composition of the Dow periodically, in an attempt to make it reflect the U.S. economy. The closely watched benchmark is supposed to mirror key sectors of the economy, a role that seems perfectly suited for Apple given the popularity of its products. The Dow's value is calculated with greater clout to the more expensive stocks and a stock priced at $700U.S. would skew the weighting of the index. Apple's previous high stock price made it impractical to include, while a stock in the $100U.S. range is likely to be more in line with the committee's expectations. Visa Inc. is the only Dow Jones company with a current stock price above $200U.S. Since Apple announced in April its plan to split its stock, Apple shares have climbed by 23%. This despite criticism of the iPad and iPhone developer for failing to create any new technology breakthrough products in the last few years. Other factors contributed to the Apple rally, including raising its quarterly dividend, agreeing to buy back $30 billionU.S. of its own stock and striking a deal to buy headphone maker Beats ElectronicsThe stock's new 52-week range extends between $55.55U.S. and $93.88U.S.