Apple Shares Hit $700 for First Time

0 Posted by - September 18, 2012 - Art & Fashion, Career & Business, Economics, Film & Television, Literature, Money, Music, Science, Video Games & Apps

apple stock 300x225 Apple Shares Hit $700 for First TimeApple’s stock reached $700 for the first time on Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.

The stock traded as high as $701.44 in the morning, up a quarter of a percent from Monday’s close. It later fell slightly. It had come within 20 cents of $700 on Monday.

The rally in Apple’s stock price puts the company’s market value at $656 billion.

The $700 mark is somewhat of an arbitrary milestone for Apple’s stock, representing little more than a nice round number and a record high trading level.

The company, after all, already enjoys the distinction as the world’s most valuable public company ever, at least if one ignores inflation. Google Inc., its Silicon Valley neighbor, saw its stock price surpass $700 in 2007. On Tuesday, Google’s stock was trading at $715.24. But the online search leader’s market capitalization is well below Apple’s at $234.1 billion.

CONTINUED at the Washington Times.

No comments