company in the world to record a market valuation of $1 trillion and
even surpass the milestone.
Apple attained its unprecedented feat Thursday following its latest surge after reporting strong quarterly earnings.
PetroChina owned by the Chinese government briefly broke the $1 trillion
barrier in 2007 during its initial public offering, but has since
dropped back down.
Shares of Apple briefly hit $207.05 in
late-morning trading, before retreating somewhat. The gains came after
the iPhone maker reported strong earnings late Tuesday that prompted a
two-day rally in the share price.
NAN reports that the company’s
stock was at $206.85, up 2.7 percent near 1620 GMT. Apple said it
currently has 4.83 billion shares outstanding.
As with other
landmarks — such as the Dow crossing 25,000 for the first time — the
Apple record is significant because of its resonance beyond the
financial universe.
“The $1 trillion mark is more psychological,
and sends a message of growth and size into the market,” said Howard
Silverblatt, senior index analyst at S&P Dow Jones Indices.
The
record also cements the continued supremacy of US technology companies
to the broader market, with other large technology giants – Amazon,
Google-parent Alphabet, Microsoft and Facebook – regularly rounding out
the top five in international market.
