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Apple is on an infinite rise, it seems. A rise in Apple shares on Tuesday pushed the market value of the company above US$700-billion, making it the first company to hit that milestone.
Apple shares rose nearly one percent in morning trade to US$119.75, giving it a market capitalisation of around US$701.7-billion. The shares did however fluctuate in a narrow range later in the day.
The surge puts Apple way ahead as the most valuable company by stock market value, with Exxon Mobile (at US$403-billion) and Microsoft at (US$394-billion) lagging significantly behind.
Investors and analysts were amped about Apple at the start of the holiday shopping season, expecting it to post strong sales over the period in the US where gift buying hits something of a frenzy.
“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’s performance during this gift buying season will also be boosted by the its convenient 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.