Apple shares ended the day 0.13 percent higher at $462.83, having risen 1.38 percent – or $6.4 – to quote at $468.65 at the strongest level recorded during the session.
Apple becomes the first U.S. company to reach a $2 trillion market cap
Apple share value rose more than 1 percent on Wednesday, taking the iPhone creator’s market capitalization (M-Cap) – or advertise esteem – over the $2-trillion imprint. That made Apple the primary US organization to come to the $2-trillion achievement. With that, Apple finished its excursion from $1 trillion to $2 trillion of every somewhat more than two years. Apple shares finished the day 0.13 percent higher at $462.83, having risen 1.38 percent – or $6.4 – to cite at $468.65 at the most grounded level recorded during the meeting.
Here are the things to know:
- At the intraday high of $468.65, Apple’s market value was $2.004 trillion.
- Apple shares have risen nearly 60 percent so far this year.
- Apple now accounts for close to 7 percent of the S&P 500’s total market value. Its market capitalization is about equal to the combined values of the S&P 500’s 200 smallest companies.
- The technology stocks-heavy Nasdaq Composite index – one of the three main indices of the US markets – has hit records over 30 times so far in 2020.
- Analysts say the growth in the price of Apple shares is a reflection of how the coronavirus pandemic has boosted demand for technology- as well as consumer-oriented businesses.
- Apple is also boosted by a broader rally in tech shares as the rise of coronavirus pandemic-related restrictions has forced consumers to work from home and yet stay connected.
- In the quarter ended June 30, Apple reported an 8 percent rise in profit to $11.2 billion over an 11 percent growth in revenues to $59.7 billion. The company saw a modest increase in iPhone sales.
- “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation,” Apple CEO Tim Cook said last month, as the company posted its financial results.