Apple up as White House official says company to pledge $100 billion for US manufacturing

Shares of iPhone maker Apple AAPL.O up 4.2% at $211.35

White House official says AAPL will announce a domestic manufacturing pledge of $100 bln on Wednesday that will focus on bringing more manufacturing to the U.S.

This comes as President Donald Trump pursues an aggressive tariff agenda to shift manufacturing back to the U.S.

"Today's announcement is a savvy solution to the President's demand that AAPL manufacture all iPhones in the U.S.," says Nancy Tengler, CEO and CIO of Laffer Tengler Investments

AAPL did not immediately respond to requests for comment

Previously, co forecast current-quarter revenue well above estimates, despite warning from CEO Tim Cook that U.S. tariffs would add $1.1 bln in costs over the period

Including session's gains, AAPL shares down nearly 16% YTD