Apple shares have risen nearly 60% so far this year
Apple share price rose more than 1 per cent on Wednesday, taking the iPhone maker’s market capitalisation (M-Cap) – or market value – above the $2-trillion mark. That made Apple the first US company to reach the $2-trillion milestone. With that, Apple completed its journey from $1 trillion to $2 trillion in a little more than two years. Apple shares ended the day 0.13 per cent higher at $462.83, having risen 1.38 per cent – or $6.4 – to quote at $468.65 at the strongest level recorded during the session.
Here are 10 things to know:
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At the intraday high of $468.65, Apple’s market value was $2.004 trillion.
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Apple shares have risen nearly 60 per cent so far this year.
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Apple now accounts for close to 7 per cent 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.
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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.
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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.
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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.
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Apple is followed by other tech companies such as Amazon, Microsoft and Alphabet, each of which has a market value of over $1 trillion.
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In the quarter ended June 30, Apple reported an 8 per cent rise in profit to $11.2 billion over an 11 per cent growth in revenues to $59.7 billion. The company saw a modest increase in iPhone sales.
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“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.
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In March 2018, Apple had become the first listed American company to achieve a market capitalisation of $1 trillion.
