Apple has become the first publicly-traded company to have a market value of $3 trillion or more at the close of Wall Street’s trading day.
The iPhone and Mac computer company had been valued at $2.98 trillion when the market closed on Thursday, according to S&P Global Market Intelligence. Apple’s stock price rose 2.21% on Friday to $193.78, driving the tech giant’s market cap to $3.05 billion.
The “historic” achievement marks “another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits,” said Daniel Ives, an analyst with Wedbush Securities, in a note to investors Friday.
Apple, founded in 1976 by Steve Jobs and Steve Wozniak, passed the $3 trillion market cap milestone in January 2022, but the stock price subsequently fell 25% over the rest of the year to $130 before beginning the current climb.
While the $3 trillion market value achievement is largely symbolic, its magnitude is still breathtaking, The Associated Press noted, calculating that $3 trillion could buy nearly 9 million homes in the U.S., based on the average sales price during the past year as calculated by Zillow.
Overall, the stock market had a good day with the Nasdaq composite index, which includes Apple, Amazon, Alphabet, Microsoft, Meta and more than 3,000 other companies, up 1.45% and closing the first six months of 2023 up more than 31%, for its best first half since 1983, according to CNBC.
Apple, which along with Microsoft and chipmaker Nvidia is in the S&P 500, have helped it rise 16% – its best first half since 2019, CNBC reported. The Dow has risen 3.8% for the year and was on track for its best month since November and its third winning quarter.
Tech’s trillion-dollar club – Amazon, Microsoft and more – over the years
Back in September 2018, Amazon surpassed $1 trillion in market value to join Apple, which had passed that mark the month before.
By 2020, Alphabet and Microsoft had joined those companies in the $1…
Read the full article here
Leave a Reply