Apple becomes first company worth $800bn (£616bn)
Apple has become the first company in history to top the $800bn (£616bn) mark in market capitalisation, slightly more than two years after it crossed the $700bn (£539.04bn) threshold. The iPhone maker’s shares have gained 33% this year and almost 50% since the US election in November. Shares closed at $153.99 (£118.62) on Tuesday.
The company represents about 4% of the $21.7 trillion (£16.72 trillion) that makes up the entire S&P 500 index, which itself hity an all-time intra-day high on Tuesday of 2,403.87.
“It’s just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today,” said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, whose firm does not own the stock.
“Considering that it has a limited number of products, it has really dominated that market in a way that few companies have, and it’s been able to retain margins despite lots of competitors.”