Apple's market-value record comes as major US equity indexes are near all-time highs. They've rallied sharply from a multiyear low in March, fueled by a flood of Federal Reserve stimulus, expectations of a successful coronavirus vaccine, and hopes of a new economic relief package.
Apple has grown into a global technology giant in the decades since Steve Jobs started the company in a California garage. Since launching the iPhone, arguably its most famous product, the company has expanded to include services and wearables, which bring in billions of dollars in revenue each year.
Even during the coronavirus pandemic, Apple has had a strong year, surging 60% and reporting blockbuster quarterly earnings that beat Wall Street expectations. Investors have flocked to Apple and other technology giants including Facebook, Amazon, Netflix, Alphabet, and Microsoft, seeing them as companies uniquely positioned to withstand the pandemic and the ensuing recession.
In addition, the company recently announced its fifth stock split in an effort to appeal to a broader base of investors. Apple is set to enact a 4-for-1 split of its shares next Monday.
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