Apple (AAPL) Pushes Back to Highs Following Buffett's Blessing

Apple (NASDAQ: AAPL) shares are gaining Monday, helped by an explanation from Warren Buffett on CNBC as to why he added to his stake in the company, which now sits at 165.3 million shares.

Mr. Buffett said Apple has an "extraordinary" consumer business and he understands consumer behavior pretty good. He also said he very much likes CEO Tim Cook and the company's policies.

Buffett said the Apple ecosystem is "strong to an extraordinary degree". He said consumers are very "locked-in" and the product is "very sticky".

Shares of Apple have rallied over 6% since Buffett disclosed his increased position in a 13F on Feb 14 and at $178.09 currently, it is just $2 shy of the all-time high.

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