Apple Inc on Monday became the first company to hit a $3 trillion stock market value, a foreign media outlet said.
Investors bet the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.
On the first day of trading in 2022, the Silicon Valley Company’s shares hit an intraday record high of $182.88. This put Apple’s market value just above $3tr.
“It’s a fantastic accomplishment and certainly worthy to be celebrated,” said Jake Dollarhide, chief executive officer of Longbow Asset Management.
“It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes, he added.
Scott Wren, senior global market strategist at Wells Fargo Investment Institute said, “The market is rewarding companies that have strong fundamentals and balance sheets.