Apple hits record $1 trillion US stock market valuation

August 2, 2018 5:28 pm

Apple Inc. became the first $1 trillion US publicly listed U.S. company on Thursday, crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.


The tech company’s stock jumped 2.9 per cent to end the day at $207.39 US, giving it a market capitalization of $1.002 trillion US. During the session, Apple’s stock market value reached as much as $1.006 trillion US.


Apple has rallied about 9 per cent since Tuesday, when it reported June-quarter results above expectations and said it bought back $20 billion US of its own shares. It was Apple’s best-two-day run since April 2014.


Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.


Apple’s stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for four per cent of the S&P 500.



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Source: CBC News