Apple announced Monday night in the Philippines that it would pay its first dividend in 17 years of $2.65 per share quarterly starting in its fiscal fourth quarter, which begins July 1. It will also buy back $10 billion of its shares. The buyback program will begin next fiscal year, which begins Sept. 30 and will last for three years. This was a much anticipated announcement received favorably by the market. In late morning trade, Apple shares rose $7.93, or 1.3 percent, to $593.50. Last week, the shares hit an all-time record of $600.01. The company is worth $553 billion.
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