Apple has seen its market value hit $2trn for the first time as shares in US tech companies enjoy a surge in popularity during the coronavirus pandemic.
The iPhone-maker's stock reached the milestone, topping $468 per share, during early trading on Wall Street following a leap of almost 60% in the value of its shares during the year to date.
It was almost exactly two years ago that the company's so-called market capitalisation hit $1trn.
Market experts have credited a wider surge in tech firm shares this year on resilience from coronavirus chaos.
Demand has also been driven by the flood of cheap money created by the US central bank to support the economy as it recovers from its largest slump since the Great Depression.
A global catastrophe for global stock markets in February and March was followed by the tech-focused Nasdaq hitting record levels in June.
The broad-based S&P 500, America's main stock market, struck new highs on Tuesday.
The market moves are astonishing given the country is in the grips of a recession and far from business as usual amid continuing pandemic restrictions across many US states.
In the case of Apple, the disruption it has experienced began early in the year as factories in China, where its core products are made, entered lockdown.
The company also shuttered Apple stores globally.
However, the manufacturing disruption proved short-lived and its stock rallied hard after it reported 11% growth in revenue during the April-June quarter and rising profits.
The performance eased concerns investors may have had that demand for top of the range iPhones and iPads would be knocked as millions of customers pondered whether they were at risk of losing their jobs.
The bet now is that Apple will prosper more in the post-coronavirus world where more people are likely to be working from home.
The share price reaction that followed the last corporate results saw Apple surpass oil firm Saudi Aramco as the world's most valuable listed company.
Online solutions such as cloud storage have helped tech rivals including Google-owner Alphabet and Microsoft also surge while Amazon stock has benefited too from its entertainment and massive online shopping capabilities.
https://news.google.com/__i/rss/rd/articles/CBMiX2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2Nvcm9uYXZpcnVzLWFwcGxlLW1hcmtldC12YWx1ZS10b3BzLTJ0cm4tZm9yLXRoZS1maXJzdC10aW1lLTEyMDUyNTQy0gFjaHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL2Nvcm9uYXZpcnVzLWFwcGxlLW1hcmtldC12YWx1ZS10b3BzLTJ0cm4tZm9yLXRoZS1maXJzdC10aW1lLTEyMDUyNTQy?oc=5
2020-08-19 15:33:45Z
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