Apple’s stock made up more than $400 billion over the last nine months and ended today a $1 trillion company.
It’s a remarkable recovery, considering Apple closed the day on Jan 3. at $142.19 a share. Today, Apple’s shares rosed 3.2 percent to close at $223.59 for a $1.01 trillion market capitalization.
This is the second time Apple has reached $1 trillion. However, the milestone this time should be marked with an asterisk.
Apple’s $1 trillion market capitalization
Even though market watchers say Apple hit the mark, the threshold for a $1 trillion cap could actually be higher because of the amount of its own stock Apple bought back this quarter is not known.
Apple holds the distinction of being the first company to reach the trillion-dollar mark. It did so in August 2018 but news later in the year of disappointing iPhone sales in China set off a slide in stock prices.
Apple was the first but since then Microsoft has held a larger market cap. Microsoft ended Wednesday valued at $1.04 trillion.
Apple’s return to $1 trillion comes one day after the tech giant rolled out new products, including new iPhones, and set price details for its new television streaming services.
Source: CNBC
