Apple Tops $700 Billion Valuation, Fueled by New Products
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Apple Inc., already the world’s largest company by market capitalization, hit a record intraday value: $700 billion.
Shares of Apple rose to as much as $119.75 at the start of trading in New York today, giving the company a valuation of more than $702 billion, a milestone that no other U.S. company has ever reached. The stock ended up falling less than 1 percent to $117.60 at the close in New York, putting its market capitalization at $690 billion. That still gave the iPhone maker about 1.7 times the value of the world’s second-biggest company, Exxon Mobil Corp. Exxon, which has lost about $43 billion during the five-month oil rout, has a capitalization of $401 billion.