Apple Inc. 2.50% briefly touched $3 trillion in market value, making it the first U.S. company to do so.
Shares of the iPhone maker crossed that level intraday when they topped $182.856 Monday afternoon, reaching $182.88, according to FactSet. Apple’s stock closed the first trading day of the year up to $4.44, or 2.5%, at $182.01.
The move marked the latest milestone in a pandemic-era surge that carried shares of Apple and other large technology companies to unprecedented highs. Its share price has more than tripled since the pandemic lows of March 2020, adding around $2 trillion in market capitalization.
Apple is a staple in retail and institutional investors’ portfolios. The milestone marked a 41% rise for Apple’s shares since the beginning of 2021, among the biggest gains in the Dow Jones Industrial Average.
Apple was one of the five biggest contributors to the S&P 500’s 27% rally in 2021 along with Microsoft Corp., Nvidia Corp., Alphabet Inc., and Tesla Inc., which together accounted for 31% of the index’s performance in 2021, according to S&P Dow Jones Indices data.News Source: The Wall Street Journal