Apple market value hits $700bn
The maker of the iPhone and iPad is by far the world's most valuable company by stock market value.
NEW YORK (AFP) - A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.
Apple shares rose nearly one percent in morning trade to $119.75 at 1525 GMT, making its market capitalization some $701.7 billion. The shares were fluctuating in a narrow range later.
The maker of the iPhone and iPad is by far the world s most valuable company by stock market value, well ahead of Exxon Mobil at $403 billion and Microsoft at $394 billion.
Investors and analysts were upbeat on Apple at the start of the holiday shopping season, expecting strong sales during the gift-giving period that kicks off in the US with Thursday s Thanksgiving holiday.
"We believe the stars are well aligned for Apple to shine bright this holiday season," said Brian White at Cantor Fitzgerald in a research note, adding that he expects to see heavy demand for the new iPhone models and a refreshed lineup of iPads.
Apple has also launched its new mobile payment system that allows consumers to purchase goods at some merchants with a tap of the iPhone, and is working on a smartwatch for release in 2015.
