Footwear giant Nike closed at a record price of $125.02 on the New York Stock Exchange on Friday, a whopping gain of nearly 9%, and in doing so, became the best performer this year on The Dow Jones Industrial Average. As a result, the DJIA closed up 113.35 points, or 0.70 percent, at 16,314.
The stock’s strong performance, which included an all-time intraday high of 125.95 for the Oregon-based company, came a day after a stronger-than-expected first-quarter earnings report. Experts attributed the gains to Nike’s strong performance in China, a continued desire for athleisure wear, especially in the women’s market, and its continued use of athletes as spokespeople for the brand, including golfer Rory McIlroy, former New York Yankee Derek Jeter, tennis player Roger Federer, and basketball legend Michael Jordan.
Furthermore, stock analysts expect future growth for the company before year’s end, with some predicting shares could rise as high as $150.